After reading the concepts of a good system of internal control, the owner of a small business was concerned that his internal control was not good. He counted the daily cash takings and prepared the deposit slip and banked the takings intact each day. He also approved payments and signed all cheques. To overcome his internal control problems, he decided he would have to hire more staff, so that he would be able to ensure adequate division of responsibility. Would this solve his problems? Explain. (6 marks)