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Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure.
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure.
The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees.
Several salesclerks share the same cash drawer.
The company devotes resources towards keeping accurate accounting records for machinery.
The company does not allow employees with access to cash to modify accounting records.
Employees that handle easily transferable assets such as cash are bonded.
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