Help Save & ExtSub Check my work Following are five separate cases involving Internal control issues Required: 1. For each case, identify the principle(s) of Internal control that is violated. 25 points CH Han receives all incoming customer cash receipts for her employer and posts the customer payments to their respective accounts eBook References To ensure the company retreat would not be out, the manager of Lavina Company decided to sam money by canceling the external audit of internal controls. Carla Farah's manager has told her to reduce costs. Carla decides to raise the deducible on the plant's property Insurance 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 the Carla ves the entire amount of the bonding Insurance premium by dropping the bonding Insurance At Tico Company, Julia and Trevor alternate lunch hours. Julia is the petty cash custodian, but someone needs petty cash when she is at lunch, Trevor fills in as custodian Tywin company keeps very poor records of its equipment. Instead, the company asserts is employees are honest and would never steal from the company Following are five separate cases involving Internal control Issues. Required: 1. For each case, identify the principle(s) of internal control that is violated Answer is complete but not entirely correct. Separate recordkeeping from custody of assets. Perform regular and independent reviews Chi Han receives all incoming customer cash receipts for her employer and posts the customer payments to their respective accounts. To ensure the company retreat would not be out, the manager of Lavina Company decided to save money by canceling the external audit of internal controls. Carla Farah's manager has told her to reduce costs. Carla decides to raise the deductible on the plant's property Insurance 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 At Tico Company, Julia and Trevor alternate lunch hours. Julia is the petty cash custodian, but it someone needs petty cash when she is at lunch, Trevor fills in as custodian Insure assets and bond key employees d. Divide responsibility for related transactions Tywin company keeps very poor records of its equipment. Instead, the company asserts its employees are honest and would never steal from the company. Separate recordkeeping from custody of assets