You are analyzing the control plans of a new client, McGriff Co., a publicly traded U.S. airline specializing in long-distance cargo shipping. Its receivables processing business subprocess is your special concern as its operations affect such a large part of their financial statements. In analyzing the process and talking to the workers, you develop the following (rudimentary) narrative of its operations: 

Mail clerks open the incoming mail, remove the checks and remittance advices, and prepare a schedule of payments for other clerks to use to post to the accounts receivable subsidiary ledger. They include the remittance advices with the schedule. Other clerks then prepare a deposit slip from the checks themselves. An armored car picks up the deposit each day at \(1: 00\) p.m.
The posting clerks use the schedule to post to a batch file of transactions using the terminals connected to the corporate accounting database. Once completed, the remittance advices and schedules are filed by day of receipt.

a. List possible risks associated with this process as described.

b. Describe whether you believe there are any potential significant deficiencies or material weaknesses.

c. Should the problems that were identified in Requirement b be material weaknesses, how would they affect the results of the integrated audit?

d. Identify possible process controls that can be put into place to manage the identified risks that would mitigate any significant deficiencies or material weaknesses identified.