The financial controller of the Luxury line advised your accounting team to rely on the cash balance per books for the purpose of preparing the financial statements. The financial controller is of the view that the accounting system of the company is effective, and therefore it is not pivotal to carry out a monthly bank reconciliation procedure. The financial controller stated that bank reconciliations may be performed every year by the accounting employee who maintains cash balances or the assistant cashier because they are more acquainted with cash related transactions. You are required to evaluate the financial controller claims and assess whether his viewpoints are reasonable. Your evaluation should include illustrative accounting examples and secondary references, where appropriate. Word count: (800 words +/-10%)