Question 1 Using the COSOs ERM control framework, identify FIVE internal control weaknesses in the procedures of PC- Rebirth Ltd. Recommend suitable controls to reduce or eliminate the weaknesses that you have identified. (Please answer in details)

Read the following case and answer Questions 1 and 2 below. PC-Rebirth Ltd. PC-Rebirth Ltd buys and sells second-hand personal computers. The company has a legacy accounting system that consists of manual processes supported by standalone PCs. The companys payroll and non-current assets acquisition workflows are described in the following paragraphs. Payroll procedures Employees manually register their hours worked on timesheets. Each Friday afternoon they submit the timesheets to their department supervisor for approval. The supervisor then forwards the timesheets to the payroll clerk, who manually prepares cheques for each employees approved timesheet. The clerk then posts to the employee records with a notebook PC. The clerk then mails the cheques to the employees and files a copy of the cheque in the department. Finally, the clerk prints two payroll summaries from his notebook PC. He sends one of these to the AP department, and the other to the general ledger department. The AP clerk receives the payroll summary, approves it and writes a cheque to cover the entire payroll. The clerk then sends the cheque to the bank where it is deposited into the payroll imprest account. The general ledger department is responsible for updating the general ledger. The general ledger clerk receives the payroll summary and posts journal vouchers to the related accounts (such as the payroll imprest account) in the general ledger system, using the department PC. Non-current asset acquisition procedures Users in individual departments verbally report their non-current asset requirements to their respective managers. It the request is approved, the manager manually prepares a noncurrent asset request form and submits it to the purchasing department. Upon receipt of the non-current asset request form, the purchasing department clerk manually prepares two copies of a purchase order. The clerk sends one copy to the supplier and files one in the purchasing department. Finally, the purchasing department clerk manually prepares a hardcopy non-current asset change report and sends it to the non-current asset department. When non-current assets are received, the receiving clerk reconciles the goods with the packing slip and invoice and then manually prepares a receiving report. The clerk sends the goods to the user department and forwards the packing slip, invoice, and receiving report to the AP department. The AP clerk reconciles the documents from receiving, manually writes a cheque to the supplier and manually prepares a journal voucher, which she subsequently sends to the general ledger department. The general ledger clerk posts journal vouchers to the general ledger system using the department PC.