SECTION B (70 marks) Answer ALL questions from this section. Question 11 (12 marks) Items 1 through 6 present various internal control in place: 1. Credit is granted by a credit department. 2. Once shipment occurs and is recorded in the sales journal, all shipping documents are electronically marked "recorded by the accounting staff. 3. Cash receipts received in the mail are received by a secretary with no record - keeping responsibility 4. Cash receipts received in the mail are forwarded unopened with remittance advices to accounting. 5. The cash receipts journal is prepared by the treasury department. 6. Cash is deposited weekly. Required: a Classify the above internal controls (items 1. to 6.) into the following categories using the following table: I. internal control strengths II. internal control weaknesses (6 marks) b. For each item that you classified as internal control strengths, indicate the MOST relevant assertion to which the control relates. For EACH assertion, indicate which transactions it relates to. eg completeness of sales transactions. (3 marks) c. For each item that you answered (II), indicate the implications of the weaknesses. (3 marks) Category I - internal control strengths a. Internal control strengths (list out the item numbers) b. The most relevant assertion Category II - internal control weaknesses a. Internal control weaknesses (list out the item numbers) c. implications of the weaknesses