You work in the consulting division of Alex Gold Financial Services. Graeme Moore, the audit manager has requested that you meet with James Clarke, the Finance Director of Sheridan Audio Visual Ltd. James has become concerned that there may be deficiencies in the purchasing system as it has not been reviewed for a number of years. He has also become concemed that Sheridan's current accounting information system is open to fraud by employees. He has asked for your advice on these two matters. The company is at present a small privately-owned company with less than 50 employees. David Sheridan, who is the managing director and son of the founder of the company, is very closely involved with day to day operations. The company have not invested heavily in computer systems to date and are considering upgrading to new systems. REQUIRED Please prepare a report to James Clarke and David Sheridan setting out the following 1. Purchases systems a. Controls necessary for an efficient purchases system b. The strengths and weakness in the current purchases system of Sheridan AV L.td. c. Recommendations to address the weaknesses. 2. Fraud a. Outline what is meant by the \"fraud triangle\" b. Using your knowledge of the systems (sales, purchases and payroll) within Sheridan Audio Visual LId, outline the areas where fraud could occur in Sheridan AV Ltd c. Outline what could be put into place to prevent and detect fraud 3. Overall Accounting Information System Outline the strategies available to Sheridan AV Ltd for developing a new accounting information system. Your answer should include advantages and disadvantages of each strategy, together with an outline of the different components of an Accounting Information System that Sheridan AV Ltd needs to consider