the stock release to update the accounts receivable subsidiary ledger and general ledger from his computer terminal. After the records are updated, the clerk files the stock release and shipping notice in the accounts receivable department. Sometimes, the account receivable clerk reconciles the quantities from the sales order and adjusts the account receivables. Cash Receipts Procedures of MarksPush Limited The payments of customers come directly to the general mailroom along with other mail items. The mail clerk performs the following tasks: (1) sorts the mail, (2) opens the customer payment envelope, (3) removes the customer's check and remittance advice, and (4) reconciles the two documents. To control the checks and remittance advices, the clerk manually prepares two hard copies of a remittance list. He sends one copy to the accounts receivable department, along with the corresponding remittance advices. The other copy of the remittance list accompanies the checks to the cash receipts department. Once the checks and remittance list arrive in the cash receipts department, the treasurer performs the following tasks: (1) reconciles the documents, (2) endorses the checks, (3) manually prepares three hard copies of a deposit slip, (4) updates the cash receipts journal and the general ledger from his computer terminal, (5) sends the checks and two copies of the deposit slip to the bank, and (6) files the third copy of the deposit slip and the remittance in the department. The accounts receivable clerk receives the remittance list and remittance advice from the mailroom and reconciles these two documents. He then updates the accounts receivable subsidiary ledger and the general ledger. Then, the account receivable files the two documents in the department. Required Based on the above information, prepare a report for Miss Nancy by evaluating the revenue cycle of MarksPush Limited. In your report, you need to include the following items: 1. Miss Nancy is thinking about the reengineering of the sales order processing subsystem. How can this reengineering be accomplished using the technology? 2. Describe potential internal control weaknesses in the sales order processing procedures and cash receipts procedures of MarksPush Limited. 3. Discuss the potential risks associated with the internal control weaknesses identified in Section (2) above. 4. Based on Section (3) above, what types of frauds are possible. Hint: we have discussed different types of frauds in the interactive tutorial and lectures. Your discussion should be based on these contents. the stock release to update the accounts receivable subsidiary ledger and general ledger from his computer terminal. After the records are updated, the clerk files the stock release and shipping notice in the accounts receivable department. Sometimes, the account receivable clerk reconciles the quantities from the sales order and adjusts the account receivables. Cash Receipts Procedures of MarksPush Limited The payments of customers come directly to the general mailroom along with other mail items. The mail clerk performs the following tasks: (1) sorts the mail, (2) opens the customer payment envelope, (3) removes the customer's check and remittance advice, and (4) reconciles the two documents. To control the checks and remittance advices, the clerk manually prepares two hard copies of a remittance list. He sends one copy to the accounts receivable department, along with the corresponding remittance advices. The other copy of the remittance list accompanies the checks to the cash receipts department. Once the checks and remittance list arrive in the cash receipts department, the treasurer performs the following tasks: (1) reconciles the documents, (2) endorses the checks, (3) manually prepares three hard copies of a deposit slip, (4) updates the cash receipts journal and the general ledger from his computer terminal, (5) sends the checks and two copies of the deposit slip to the bank, and (6) files the third copy of the deposit slip and the remittance in the department. The accounts receivable clerk receives the remittance list and remittance advice from the mailroom and reconciles these two documents. He then updates the accounts receivable subsidiary ledger and the general ledger. Then, the account receivable files the two documents in the department. Required Based on the above information, prepare a report for Miss Nancy by evaluating the revenue cycle of MarksPush Limited. In your report, you need to include the following items: 1. Miss Nancy is thinking about the reengineering of the sales order processing subsystem. How can this reengineering be accomplished using the technology? 2. Describe potential internal control weaknesses in the sales order processing procedures and cash receipts procedures of MarksPush Limited. 3. Discuss the potential risks associated with the internal control weaknesses identified in Section (2) above. 4. Based on Section (3) above, what types of frauds are possible. Hint: we have discussed different types of frauds in the interactive tutorial and lectures. Your discussion should be based on these contents