Question 3 (20 marks) . You are an auditor in charge of the audit of Sohu Ltd, a distributor of office suppliers. A member of the team has undertaken a review of the accounting and control systems and has identified following significant points: Purchases Purchase ledger clerks amend the payables master file with details of new suppliers on oral authority of the financial controller. No printout of amendments is obtained. Sales Credit limit parameters within the sales order processing software are unrealistically low, resulting in a high volume of items being rejected as exceptions. Cash Receipt Cheques from customers are received by the company's receptionist who stamps each cheque received and prepares a list of all funds received and the name of each corresponding customer. Required Discuss the possible consequences of the above weaknesses and the recommendations to remedy the weaknesses. Your recommendations should clearly describe how the control procedures should operate. (20 marks)