Following are five separate cases involving internal control issues. Required: 1. For each case, identify the principle(s) of internal control that is violated. a. At Tico Company, Julia and Trevor alternate lunch hours. Julia is the petty cash custodian, but if someone needs petty cash when she is at lunch,Trevor fills in as custodian. b. To ensure the company retreat would not be cur, the manager of Lavina Company decided to save money by canceling the external audit of internal controls. c. Tywin company keeps very poor records of its equipment. Instead,the company asserts its employees are honest and would never steal from the company. d. Carla Farah's manager has told her to reduce costs.Caria decides to raise the deductible on the plant's property insurane from $5 thousand to $10 thousand. this cuts the property insurance premium in half. In a related move,she decides that bonding the plant's employees is a waste of money because the company has not experienced any losses due to employee theft.Carla saves the entire amount of the bonding insurance premium by dropping the bonding insurance.

choose one from below:

Insure assets and bond key employees.

Maintain adequate records.

Perform regular and independent reviews.

Separate recordkeeping from custody of assets.

Establish responsibilities.

Apply technological controls.

Divide responsibility for related transactions.