For each situation below, identify if such could provide opportunity for fraud. Support your answer.

1. Cash receipts, net of the amounts used to pay petty cash type expenditures, are deposited in the bank daily.

2. The monthly bank statement reconciliation is performed by the same employee who maintains the perpetual inventory records.

3. One person, acting alone, has sole access to the petty cash fund (except for a provision for occasional surprise counts by a supervisor or auditor