The following are several internal control weaknesses of a retail business in regard to its cash payments, accounts payable and inventory:

i The inventory of gold jewellery for sale is kept in unlocked display cases.

ii One employee is responsible for ordering inventory and writing cheques.

iii Some purchases are made by phone, and no purchase order is written up.

iv The business takes a physical inventory every two years.

v Employees are allowed to bring coats, bags and handbags into working areas.

vi Inventory received at the loading dock is rushed immediately to the sales floor before it is counted.

vii When inventory is low, any sales employee can prepare a purchase order and post it to the supplier.

viii For efficiency, the business pays invoices on credit purchases once a month, even if it has to forgo any cash discounts for prompt payment.

Required:
a For each internal control weakness, explain how the weakness might result in a loss of the assets of the business.
b For each internal control weakness, explain what action should be taken to correct the weakness.