1. Based on the example provided below, what are the three major control weaknesses over the cash payments and the problems that could occur as a result of these weaknesses?
2. How can High-Tech improve the three weaknesses they should implement to remove each of the three major control weaknesses?

HighTech Inc. commenced operations recently. Two friends from university, John Deol and Rehana Gerdman, jointly own the company's shares. John and Rehana have developed a new software application to track shipping. The two friends spend most of their time on the development of new products and the marketing of the current product. John and Rehana hired Fred Glass to be HighTech's controller. Fred has been given overall responsibility for the books and records of HighTech so that John and Rehana can spend their time on development and marketing. Fred has one assistant, Asmaa. Both Fred and Asmaa have the authority to order goods for High Tech. Asmaa can approve invoices for payment up to $5,000. Fred can approve any invoice for payment. Fred, John, and Rehana are all signing officers on the company's bank account. Only one of the three signing officers needs to sign a cheque under 5205.000. For cheques greater than $20,000.. two signing officers must sign. Unsigned cheques are kept in the company safe. Fred is responsible for preparing the monthly bank reconciliations and making any necessaryjournal entries