carefully read the narrative below and briefly describe

Mr. Iggy No rant, owner of I.M, Iggy Norant Co, believes that every employee once trained should be allowed to handle a transaction from beginning (i, e, receipt and deposit of cash) to end (i, e. journalizing and posting) with little or no management supervision. Iggy believes that people are basically honest and money can be saved by hiring the least number of employees possible, at the least possible cost, and empowering employees to perform all functions related to the business. Iggy hired Imus B. Kruked 3 years ago. Unbeknownst to Iggy, Imus is a convicted felon who has an addiction to drugs and gambling. In three years of employment, Imus has acquired more and more responsibilities. Although not described as part of his job duties when he was hired, Imus currently does cashiering accounts payable and accounts receivable processing, and journalizing and posting. His employer loves the fact that Imus is very dependable. He has not missed a day of work in three years. He comes to work even when he is sick and he has not taken a single day of vacation. Iggy is impressed with Imus because he asks for more and more responsibility. For example, Imus recently asked for and was assigned, responsibility for the quarterly bank reconciliation and he was empowered to approve asked voided transactions so that he not bother a supervisor or make a customer wait. Imus and all other employee have unrestricted access to the company vault where the stock of blank (pre-numbered but unaccounted for) checks and unnumbered purchase orders are conveniently kept next to the check signature stamp. Access to the vault is not restricted once it is open at the start of the work week. In addition to his other responsibilities, Imus goes to the bank once a week on Thursday to make the sales deposit for the past week. The petty cash fund authorized amount is $6,000 and is kept in an unlocked drawer where employees help themselves when they have a need for immediate cash. Once each week, the remaining cash in the fund is counted and a check to replenish the petty cash fund is issued and cashed by either I, M, Poor or his cousin Shod B. Rich, the two petty cash fund custodians have exclusively performed the petty cash functions the last two years. I M. Iggy Norant Co. receives many customer payment by mail. One employee, M. Bezler, is assigned the duty of opening all mail, preparing the deposit permit of monies sent by and taking the funds to the bank only when the amount exceeds $5,000