YOLO Co manages a chain of five restaurants and coffee shops which are open the whole week. You are the senior at AA Auditing Co., who will audit YOLO Cos financial statement for the year ends on December 31, 2021. In order to prepare for the interim audit, which will require visiting a number of the locations in addition to the head office, you are examining the internal controls documentation related to the system of cash collections and disbursements. The company has a small internal audit team based at head office. Firstly, Food and drink orders for each of the five locations are placed on hand of purchasing department located at the head office. Additionally, each location has a $400 petty cash float that is kept in the safe and used for miscellaneous purchases. Employees are expected to receive the necessary monies from the restaurant manager for buy the necessary items, and then return to the manager the bills, receipts and any extra cash. The $400 in float money should always be equal to the amount of petty cash on hand, but the company's internal audit department has seen that this hasn't always maintained. Secondly, Five cash registers (cash tills) are available at each location to collect and store customer payments. Two are in the restaurant area, and three are in the coffee area. Customers can pay by different methods including cash or a credit card, and the cashier will either place cash or credit card vouchers in the till for every transaction. Each location has a unique log-on code that may be used to access all five tills and is changed every two weeks in order to speed up the payment process. Thirdly, at the end of the day, the restaurant manager is incharged of closing the tills at each location, counts the total cash in all five tills, adds the value of the credit card vouchers, reconciles these totals with the accumulated daily sales collected from each till, and then reports the inconsistencies (if any) on the daily sales sheet. Other information could be found on the daily sales sheet includes sales per tills, cash counted, total credit card vouchers, and any inconsistencies. At the end of each week, these sheets are scanned and emailed to the cashier at headquarters. About 30% of the customer payment is made with cash and 70% of the time is with credit card. Everyday, after finishing reconciliation, the cash is kept in the safe at each location. Each safe is locked by a key. The restaurant manager is responsible for keeping the key and it will be put in the manager's desk drawer. A specialized security company's is hired to collect and transport the cash from each restaurant to the bank on daily basic. Banking receipt is then sent back to head office immediately. Within two working days of the transaction, the credit card company deposits the outstanding sums into YOLO Co's bank account. At the same time, the cashier at head office confirms that the money transferred by the security company has been deposited in banks for all venues after receiving the daily sales sheets and receipts from the security company. She signs the bank deposit slips, the bank statements, and the cash according to the daily sales sheets. The cashier enters information from the daily sales sheets regarding the credit card vouchers and the banked cash into the cash book. The credit card firm sends the cashier a statement every month including all credit card receipts from the five locations. Last point, the cashier compares the bank statements to the cash book every two months. The financial controller reviews the reconciliations and signs them to show that she has done so before they are lodged in the accounts department. Bank transfers are used to pay for all purchases of food and drink for the venues. The finance director receives the complete amount of the payments list that he authorizes at the appropriate payment dates. Required: a) In planning phase, audit team is required to identify at least 8 control deficiencies of YOLO Cos cash receipt and payment system. b) For each of the deficiency, propose a control to improve the situation