3 Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure. 1. The company does not use electronic time clocks because it fears it will hurt employee morale. 2. Each salesclerk is in charge of their own cash drawer. 3. Time is saved by not updating records for use of supplies. 4. The recordkeeper is not allowed to write checks or initiate EFTs. 5. The company insures important assets during good and bad economic times. Weakness or Strength 1. Weakness 2. Strength 3. Weakness 4. Strength 5. Strength Internal Control Principle Apply technological controls Establish responsibilities Maintain adequate records Insure assets and bond key employees Separate recordkeeping from custody of assets