Review the existing procedures related to assets and cash. Do they violate any of the internal control principles? 1b.How does public bidding improve the effectiveness of asset procurement procedures? 1c.Is the use of the seal an effective internal control? 2.What internal control procedures would you recommend to remedy the control deficiencies related to tuition receipt and refund procedures? 3.How does the tone set by top management influence the effectiveness of internal controls? 4.What changes, if any, would you make if you were the president of Sanchou?

You will also be called upon to participate in the class discussion on the case.