What function does the CTR DIV 8 circuit given below perform?

• It divides the clock frequency down to match the frequency of the serial data in.
• The divide-by-8 counter is triggered by the control flip-flop and clock, which then allows the data output register to begin storing the input data. Once all eight data bits are stored in the data output register, the data output register and the divide-by-8 counter trigger the one-shot. The one-shot then begins the process all over again.
• The divide-by-8 counter is used to verify that the parity bit is attached to the input data string.
• It keeps track of the eight data bits, triggering the transfer of the data through the output register and the one-shot, which then resets the control flip-flop and divide-by-8 counter.