QUESTION 5 (20 Marks) Jason Manufacturing Company which employs about 25 workers has the following payroll procedures: The factory supervisor, Duha interviews and hires all five job applicants. The new employee prepares Employee's Withholding Exemption Certificate (W-4 form) and gives the form to Duha. Duha writes the hourly rate of pay for the new employee in the corner of the W-4 form and then gives the form to the payroll clerk, Malini as notice that new workers have been hired. Duha then verbally advises the payroll department of any subsequent pay raises. A supply of blank time cards is kept in a box near the entrance to the factory. All workers take a time card on Monday morning and fill in their names. During the week they record the time they arrive and leave work by punching their time cards in the time clock located near the main entrance to the factory. At the end of the week the workers drop the time cards in a box near the exit. Malini retrieves the completed time cards from the box on Monday morning. Employees are automatically removed from the payroll master file when they fail to turn in a time card. The payroll cheques are manually signed by the chief accountant and then given to Duha as the factory supervisor, who distributes them to the employees. Then Duha arranges for delivery of the paycheques to any employee who is absent on payday. The payroll bank account is reconciled by the chief accountant, who also prepares the various quarterly and annual tax reports. Evaluate the current internal control procedures of Jason Manufacturing Company by identifying any five (5) weaknesses in current procedures, and explain the threats that they may allow to occur. Based on these weaknesses identified earlier, briefly suggest five (5) ways to improve the internal controls over hiring and payroll processing. [20 marks)