Question 3 (11 marks) Note this question is from the Week Tutorial Internal controls play an integral role in developing reliable financial records that facilitates the decision-making process. Further, a well-designed internal control systems in preventing or detecting errors and fraud Raising the importance of internal control the internal and ting department of Dynamic Sportswear periodically review the records of the company to determine the effectiveness of the internal control. During the latest review, the internal dit department found the following condition 1. There are occasional discrepancies between the daily bank deposit and the cash receipts. 1 Mar 2. One employee is preparing and approving the bad debt write-offs I Mars 3. There are also occasional discrepancies between hinwentary courts and perpetual inventory records. Furthermore, alterations have been made to the physical inventory counts and to the perpetual inventory records. Max 4. The customer's records reveal that there are many customer refunds and credits Required: Describe the possible reasons for these identified conditions above (from 1. recommend effective internal control(s) for each condition. Question 3 (Cont'd) (11 marks) 5. Many original documents are missing or lost. However, there are subtite copies of al missing originals 12 Mar & There is a substantial decrease in the gros prot percentage. This decreme lanet explained 2. Mark (11 marks. Word limita:Up to 400 words