1. After watching this video, it is just crazy to think about the fact that this was a real life situation and there are countless situations that are like this. This video kind of made me think about the PPP loan fraud that happened towards the beginning of the pandemic. I used to work at the bank during this and a lot of people don't realize that business bank accounts have much stricter rules than a regular bank account, then leading many of them to get caught.

2. The internal controls that should have been implemented are to maintain adequate records, insure assets and key employees, separate recordkeeping from custody and assets, divide responsibility for related transaction, and perform regular and independent reviews.

3. List at least FIVE examples of internal controls that should be used in any area of the college (your choice) that serves students, such as library, cafeteria, bookstore, admissions and records, athletics facilities, etc. :

• In the bookstore they keep adequate records of inventory that comes in. This prevents the loss of items that they sell at the store.
• Another internal control that they would have in the bookstore would be counting and keeping track of all the cash that comes and goes in the register. At the end of the day the balance the cashbox to make sure that there is no money missing.
• Establishing responsibility in the library can help with making sure that books are being checked in and out on time and also making sure that there aren't any accidents of more than one student checking out a book at a time.
• Insuring assets and bond key employees in the athletic department verifies that different athletic departments and taking advantage of funds coming in.
• The admissions and records department could implement maintaining records as this is important to having the correct information on all students.

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