A On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves the weekend, he will move the checks into a safe in his office. The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who serve time for molesting children. The company had a hard time getting the employee to admit it was him becau the company does not assign individual passwords. The President expressed his frustration because both and the accountant both interview and approve all of the new hires Throughout your presentation, answer the following questions: 1- Briefly summarize the problem in this case. 2- Inform the President of any new internal control requirements if the company decides to go public. 3- Advise the President of what the company is doing right (they are doing some thing swell) 4- Recommend to the President whether or not they should buy the indelible ink machine. 5- When you advise the President, please be sure to reference the applicable internal control principle that applies. 6- Explain the importance of the bank reconciliation in the context of internal control