eygam, rnancial Accounting, 0e FINANCIAL ACC CALCULATOR STANDARD VIEW PRINTER VERSION ES Exercise 7-2 The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank. (a) Weakness: Principle: (b) Recommended Change: 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer udy (a) Weakness: Principle (b) Recommended Change 3. The company accountant makes the bank deposit and then records the day's receipts (a) Weakness: Principle: (b) Recommended Change: 4. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total