The CEO of Good Control Trading Limited (Good Control) approaches Brian & Brian, a firm of CPAs to be its auditor. Elder Brian accepts Good Control after some discussion with the CEO and visits to Good Control. He assigns Younger Brian to be in charge of the documenting the internal control of Good Control. Younger Brian finds that Good Control has the following control procedures among others. 1. Pay rate to workers are reviewed annually by a foreman. Increases in the rate are approved by the departmental manager. 2. An accounts clerk, who does not handle cash, performs monthly bank reconciliation. The assistant accountant then check whether the reconciliation is properly done. 3. An accounts clerk collects a copy of the customer's order and a copy of the receiving report, and then raises a sale invoice based on them. 4. Before the customer's order is approved, the credit manager checks the credit of the customer and whether his or her credit limit is exceeded. 5. When items ordered are received from the vendors, a receiving clerk counts the items and matches the quantity received against the purchase order. Required: For each of the above control procedures, identify the audit objective that Brian and Brian may find useful and discuss the likely misstatements if the procedure is not properly performed