The following internal control procedures are used by Red Company for cash receipts and disbursements:

Cashiers receive all over$-$the$-$counter receipts and place the cash

$1.$ into a single cash drawer.

When cash in the drawer exceeds $$500,$ it is placed in an envelope

$2.$ marked "cash" and stored in a drawer in the supervisor's office.

$3.$ The company's accountant makes daily bank deposits.

The clerk in the receiving department authorizes all payments for

$4$

purchases.

$5.$ Blank cheques are kept in the main office.

The company's internal auditor prepares bank reconciliations

$6.$ annually.

Instructions

For each of the above procedures, explain the weakness in internal control. identify the control policy or procedure$$violated$.$and