Using Microsoft Word prepare a memo to Dylan. List the seven principles of internal control and explain how Dylan could implement each of them in her retail stores. Discuss the need to add controls as her business expands? Explain.

Candyland Biz Its a creative outlet for me it doesnt feel like work DYLAN LAUREN NEW YORKA 10-foot chocolate bunny greets you as you enter the storethat should be warning enough! This elite designer candy store, christened Dylans Candy Bar (DylansCandyBar.com), is the brainchild of co-founder Dylan Lauren. Explains Dylan, I got a business plan together and set out to make candy my livelihood. This sweet-lovers heaven offers more than 5,000 different choices of sweets from all over the world. It has become a hip hangout for locals and touristsand it has made candy cool. Says Dylan, Park Avenue women come in, and the first thing they ask for is Gummi bears. They love that its very childhood, nostalgic. Although marketing is an important part of its success, Dylans management of internal controls and cash is equally impressive. Several control procedures monitor its business activities and safeguard its assets. An example is the biometric time and attendance control system using fingerprint characteristics. Says Dylan, Theres no fooling the system! It is going to help us remotely manage our employees while eliminating human error and dishonesty. [It] is a cost- effective and important business management tool. Similar controls are applied throughout the store. Dylan explains that such controls raise productivity and cut expenses. The stores cash management practices are equally impressive, including controls over cash receipts, disbursements, and petty cash. The use of bank reconciliations further helps with the stores control and management of cash. Dylan explains that she takes advantage of available banking services to enhance controls over cash. Internal controls are crucial when on a busy day its stores bring in thousands of customers, and their cash. They have already expanded to three stores in New York, and one each in Houston and Orlando. Through it all, Dylan says it is totally fun. [Sources: Dylans Candy Bar Website, January 2011; Entrepreneur, June 2005; NYC Official City Guide, July 2009; The New York Times, June & March 2009; Dolce Vita Magazine, June 2009; Luxury Insider, March 2009.] Required Using Microsoft Word prepare a memo to Dylan. List the seven principles of internal control and explain how Dylan could implement each of them in her retail stores. Discuss the need to add controls as her business expands? Explain