5. The management at Covington, Inc., established a well-designed internal control system. However, in its latest review, the internal audit staff found the following five conditions: a. Daily bank deposits do not always correspond with cash receipts. b. Bad debt write-offs are prepared and approved by the same employee. c. There are occasional discrepancies between physical inventory counts and perpetual inventory records. d. Many original documents are missing or lost. However, there are substitute copies of all missing originals. e. Many documents are not approved.