1. Internal controls are procedures and policies that are implemented within a company to safeguard its assets, ensure the accuracy and reliability of its financial records, and prevent fraud. Explain the significance and uses of internal controls in accounting systems, and how they prevent fraud, using the following information: - A company has $100,000 in cash on hand. The company's internal controls for cash include: - Requiring two signatures on all checks over $5,000 - Reconciling the bank statement each month - Conducting a physical count of cash on hand at least once a year How do these internal controls help to prevent fraud