The city of Laurelville recently opened a private parking lot in its downtown area for the benefit of city residents. A guard has been hired to patrol the lot and to issue numbered parking stickers to residents submitting an application form and showing evidence of residency. Once a resident has a sticker, they may park in the lot for 12 hours for $1. The guard inspects for stickers on all parked cars, as well as the meter time gauges to see that all fees have been paid. The complete application forms are maintained in the guard's office.

By using a master key, the guard takes coins from the meters weekly and places them in a locked collection box. The guard delivers the box to the city storage department, where a clerk opens it, manually counts the coins, puts the cash in a safe, and records the total on a weekly cash report. This report is sent to the city's accounting department. The day following the cash count, the city treasure's office picks up the cash and manually recounts it, prepares a deposit slip, and makes the deposit at the bank. The deposit slip, authenticated by a bank teller, is sent to the accounting department, where it is filed with the corresponding cash report.

Required: Decribe weaknesses in this system and recommend improvements to strengthen the control procedures.