Question 1 of 3 View Policies Current Attempt in Progress The following control procedures are used at Torres Company for over-the-counter cash receipts. -13 E (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. 1. 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 Question 1 of 3 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. (a) Weakness: Principle: (b) Recommended Change: 3. The company accountant makes the bank deposit and then records the day's receipts. (a) Weakness: Principle -/3 Question 1 of 3 (b) Recommended Change: F 4. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. (a) Weakness: 5. Principle: (b) Recommended Change: Cashiers are experienced; they are not bonded. Weakness: Question 1 of 3 5. (b) Recommended Change: Cashiers are experienced; they are not bonded. (a) Weakness Principle: (b) Recommended Change: -73