JCRW employs an external "freelance" accountant to prepare its financial accounts and management reports. The external accountant is Mr Wang's 52 years old aunt, who has been contracted as a freelance accountant by JCRW since day one. She does bookkeeping for other small businesses as well. Mr Wang does not intend to terminate her contract but would like her to continue to serve as an external outsourced accountant using Xero instead of preparing the accounts manually now. Mr Wang would also like her to learn and manage Xero as the system administrator. Required: (a) (b) (c) Explain why a modern-day cloud-based accounting information systems like Xero is suitable to support a small company like JCRW to meet its accounting and operational needs. (200 words limit) (6 marks) Appraise the potential risks and challenges posed by engaging an external freelance accountant to manage the company's finance and reporting; and provide suitable recommendation on how the company should manage these risks. You may make any reasonable assumptions as long as your assumptions do not contradict with the case facts. (300 words limit) (12 marks) With the rise of AI, JCRW's freelance accountant feared for the loss of livelihood as she thinks that many processes will now be automatically processed by the system in an intelligent way, and this reduces her work and involvement. Appraise how the accountant's role may be impacted by the rise in the use of AI, and if her role as an accountant or bookkeeper will be soon be made redundant; finally recommend what she should do in the face of change posed by AI. (200 words limit) (7 marks)