A client of yours, a rapidly growing retailer in New Jersey, is seeking a loan at the bank. The bank has informed the client that in order for the loan to be considered, the company will need a certified audit. For several years your CPA firm has been providing tax services and financial statements for this rapidly growing retailer. At the present time, there are two office personnel that handle the accounting. One, Jill, handles accounts receivables, cash and other related matters. Rita, the second office employee, performs the inventory and accounts payable functions. The cash deposits are made by Rita. If Rita cannot make the deposit due to her absence, Jill is glad to help out and take the money to the bank. Each person has been doing the same functions for many years. Both individuals are considered to be competent in their positions. The owner has not bonded either employee and has complete trust in their honesty. The financial information is summarized each month by the company