List the seven principles of internal control and explain how a retail outlet might implement each of the principles in its store. Do you believe that a retail outlet will need to add controls to the business as it expands? 1. Establish responsibilities. 2. Maintain adequate records. 3. Insure asset and bond key employees. 4. Separate recordkeeping from custody of assets. 5. Divide responsibility for related transaction. 6. Apply technological controls. 7. Perform regular and independent reviews