For Each of the Following Procedures, Indicate Whether It Is

question 51

Essay

For each of the following procedures, indicate whether it is an internal control strength or a weakness.Also, for each weakness, explain why it is a weakness and how it can be corrected.
(a)Only the best accounting graduates are hired to eliminate the need for training.
(b)The person responsible for order supplies also records the receipt of the supplies.
(c)Company policy mandates that all employees take vacation time.
(d)Internal auditors constantly monitor the internal control system.
(e)The accountant deposits cash at least once each day.

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Definitions:

Probability

A measure of the likelihood that an event will occur, often quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Liberty

The state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.

State

An organized political community living under a government; can also refer to the condition or mode of being.

Individual

A single human being as distinct from a group, class, or family.