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Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1.
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees. 2. An employee cannot approve their own request for purchases of inventory. 3. Each salesclerk is in charge of their own cash drawer. 4. The company insures important assets during good and bad economic times. 5. Time is saved by not updating records for use of supplies
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