The Art Appreciation Society board of directors has identified a need to improve its internal controls over cash admission fees. The board has determined that thi cost of installing turnstiles, sales booths, or otherwise altering the physical layout of the museum will greatly exceed any benefits. However, the board has agreed that the sale of admission tickets must be an integral part of its improvement efforts.Smith has been asked by the board of directors of the Art Appreciation Society to review the internal control over cash admission fees and provide suggestions for improvements.a. Indicate deficiencies in the existing internal controls over cash admission fees that Required Smith should identif., and recommend one improvement for each of the deficienciesidentified. Organize the answer as indicated in the following illustrative example.*DeficienciesI. There is no basis for establishing the number of paying patrons.RecommendationI. Prenumbered admission tickets should be issued upon payment of the admission fee.b. Indicate which of the deficiencies, if any, increase the likelihood of misappropriation of assets.c. Indicate which of the deficiencies, if any, increase the likelihood of fraudulent finan- cial reporting.

The Art Appreciation Society board of directors has identified a need to improve its internal controls over cash admission fees. The board has determined that thi cost of installing turnstiles, sales booths, or otherwise altering the physical layout of the museum will greatly exceed any benefits. However, the board has agreed that the sale of admission tickets must be an integral part of its improvement efforts.Smith has been asked by the board of directors of the Art Appreciation Society to review the internal control over cash admission fees and provide suggestions for improvements.a. Indicate deficiencies in the existing internal controls over cash admission fees that Required Smith should identif., and recommend one improvement for each of the deficienciesidentified. Organize the answer as indicated in the following illustrative example.*DeficienciesI. There is no basis for establishing the number of paying patrons.RecommendationI. Prenumbered admission tickets should be issued upon payment of the admission fee.b. Indicate which of the deficiencies, if any, increase the likelihood of misappropriation of assets.c. Indicate which of the deficiencies, if any, increase the likelihood of fraudulent finan- cial reporting.