Franco Co.’s recordkeeper left town after the manager discovered that a large sum of money had been stolen. The recordkeeper had written and signed several checks made payable to her fiancé and then recorded the checks as salaries expense. The fiancé, who cashed the checks but never worked for the company, left town with the recordkeeper. The company had an uninsured loss of $184,000. Evaluate Franco’s internal control system and indicate which principles of internal control were ignored.