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QUESTION Minimouth Ltd manufacture and distributes mini speakers to a wide customer base in China and East Asia. Its financial year ending 31" March. On 1" May 2020, you being an auditor of Liew & Co are reviewing work paper of November 2019 interim audit. The following are extracts internal control walk through tests relating to Minimouth Ud's Order to Cash System: "Minimouth Ltd experiences rapid expansions since January 2018. The Credit Manager normally checks credit worthiness of new customers before accepting them. After acceptance, Accounting Clerks in the Accounts Receivable section set the credit limits, record new customer details, and assign a unique customer number in the Master File. The Credit Manager who normally handle the credit check has been on medical leave since June 2019, and his position has not been filled. All sales are made via telephone where the customers call the Sales Representative in the Sales Department; they also need to give their unique customer number and other details. Sales orders (SO) with printed pre-numbered in sequential order is prepared when the order is accepted after inventory availability is checked. Each 50 is in a set of 4 (1 original and 3 copies). The original SO copy is sent to the customer, whilst the second copy is kept by the Sales Department to monitor the sales progress, the third copy is sent to the company's warehouses for sending out goods, and the final 4" copy is sent to the finance department. When the goods are dispatched, a set of 3 goods dispatch note (GDN) is completed, with the same SO number written on it. The original GRN is sent with the goods, the second GON is retained by the warehouse and the lost one is sent to the finance department. In response to increased business, additional part time accounting staff are employed to convert a large number of 50 into Invoices. Quantities in the Invoices are based on the GON and the prices from the authorised sale price list, which is updated on a half a year basis. In 2020, in line with the industry's marketing practices, Minimouth Led offered a 20% discount on all orders placed on 11 November 2020 (The Singles' Day 7272 12) a Mainland China sales promotional day. The Accounting Clerks manually enter discounts on the Invoices. Monthly customer statements have not been produced for sending out. The monthly reconciliations between Accounts Receivables Subsidiary Ledger and the AR control account in the General Ledger were never performed except in April 2020 to verify the year-end balance."REQUIRED 1. List 2 control objectives of Minimouth Ltd.'s Order to Cash System. 2. Identify 2 internal control exposures in the Order to Cash System. 3. Explain the risks. 4. Recommend 1 internal control to mitigate each exposure identified. 5. Write 1 compliance test on Minimouth Ltd.'s Order to Cash System AFTER the company has implemented the control procedure you have recommended. 6. For the audit of Minimouth's financial statement for the year ended 31" March 2020, write 1 test of detailed transaction on sales for the audit objective of occurrence. (Requirement 1-4 worth 20 marks each, requirements 5 & 6 worth 10 marks each)