ing 5. The finance director only approves the total amount of payments to be made from a list of payees, some of whom are fictitious. 6. The sales ledger clerk takes a vacation during Christmas. Upon returning in January, she enters all the unrecorded sales that were pending from December as January's sales for the sake of convenience. 7. While the sales ledger clerk is on holiday, a salesperson helps input the sales into the accounting system. He fails to enter two cash sales transactions but marks them as 'recorded in the system. 8. A newly recruited sales clerk either forgets to enter the discount value or enters an incorrect value of discount. a. For each misstatement, identify one or more types of controls that were absent. b. For each misstatement, identify the transaction-related audit objectives impacted. c. For each misstatement, suggest a control that misstatement. may have prevented or detected the records). b. For each internal control, iden it applies. Merry Accessories, a trading company selling handbags and accessories: 10-22 (OBJECTIVE 10-3) The following are misstatements that have occurred in 1. A purchase clerk regularly orders accessories for personal use. These orders always cost less than $3,000. The company requires authorization only for purchase orders above $3,000 2. The warehouse department checks the quality of a shipment it receives and verifies its quantity against the supplier's dispatch note. However, they do not verify this against the purchase order as it was never sent to them. The shipment included three batches of handbags that the company did not order but paid for. 3. There is no application control over recording invoices. 4. The purchase ledger clerk, who records invoices daily, makes several mistakes record. ino them. As a result, suppliers are paid incorrectly