You are promoting a rock concert in your area. Assume you organize as a corporation, with eachmember of your group purchasing $10,000 of the corporation's shares. Therefore, each of you isrisking some hard-earned money on this venture. Assume it is April 1 and that the concert will beperformed on June 30. Your promotional activities begin immediately, and ticket sales start on May1. You expect to sell all of the firm's assets, pay all the liabilities, and distribute all remain ing cashto the group members by July 31.

Requirements

Write an internal control manual that will help to safeguard the assets of the business. The manualshould address the following aspects of internal control:

1. Assign responsibilities among the group members.
2. Authorize individuals, including group members and any outsiders that you need to hire, toperform specific jobs.
3. Separate duties among the group and any employees.
4. Describe all documents needed to account for and safeguard the business's assets.