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3. For each occurrence below identify the policy(ies), practice(s), or procedure(s) that would be most effective in addressing the error or irregularity. For each control
3. For each occurrence below identify the policy(ies), practice(s), or procedure(s) that would be most effective in addressing the error or irregularity. For each control you identify, indicate (1) which of the six physical control areas is involved, (2) if it is a preventive, detective, or corrective control, and (3) which of the four internal control objectives is addressed. A small business owner with a limited budget hires a part time bookkeeper who prepares a. all checks for cash disbursements and deposits all cash receipts in the bank. After six months on the job the bookkeeper suddenly quits and moves out of state. The business owner then discovers that the bookkeeper stole over $30,000 dollars of cash. Clerks in the receiving area of a retail hardware store are stealing some of the new tools b. that are received from suppliers that are intended to be stocked for sale to customers. Several customers who are very delinquent in making payment on their accounts continue . to purchase product on credit. The payroll department of a small construction firm engages a computer repair firm to fix d. a problem with their computing network. The computer technician who visits the department to fix the problem steals a payroll check and later that day fills in his name and $1,000 on the check, forges the signature of the controller, and cashes the check. Mid-level managers of a regional bank receive reimbursement for personal travel claimed e. on a travel authorization form as travel to a banking conference
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