You have recently been appointed auditor of Jantil Ltd $($Jantil$).$ You are currently in the process of planning their year$-$end audit for the year ended $31$st December $2022$ prior to a meeting with the audit partner next week. The company supply high end cameras to several retail outlets in the UK$,$ sourcing most of their products from Sweden where they are

produced.

Individual stock items are purchased in Euros from the supplier in Sweden and typically cost Jantil from $30$ to as much as $1,600$ per item. Stock counts are made once a month using a perpetual inventory system at each of Jantil$$s $10$ warehouses across the UK$,$ with the monthly stock sheets being sent electronically to the central finance function through the

year. All purchases are made by the central finance team, while goods are sent directly to the warehouse locations. Sales are agreed with high street stores under block contract agreements, usually of $6$ to $12$ months, under which Jantil has the exclusive rights to supply certain branded models.

The finance team at Jantil recognise this revenue as the cash is received. All contracts are on a $$sale or return$$ basis with an initial lump sum payment followed by a balancing payment $($or charge$)$ to Jantil. c$)$ Describe the key internal controls you would expect to see over Jantil$$s purchasing and supplier payment processes.