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(b) Identify a risk exposure that each of the following control procedures or practices is intended to prevent or detect. For each items given an example (s) of what might occur if the control were not in place, and list one or more factors that could cause the risk exposure to be relatively high. (15 marks) (i) Preparing bank reconciliation of all bank accounts on receipt of the bank statement. Preparing bank reconciliation of all bank accounts on receipt of the bank statement is a form of detective control. Bank reconciliation is done to ascertain that the balance shown in the cashbook at the end of a given accounting period is correct by comparing it with the bank statement or passbook supplied by the bank. It is important to do bank reconciliation in the company. It is because bank reconciliation can be used to identify payments and sometimes the receipts that are on...

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