Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure.

1. The same employee requests, records, and makes payment for purchases of inventory.
2. The company insures important assets during good and bad economic times.
3. Time is saved by not updating records for use of supplies.
4. The company saves money by having employees involved in operations perform the only review of internal controls.
5. The recordkeeper is not allowed to write checks or initiate EFTs.

Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1. The same employee requests, records, and makes payment for purchases of inventory. 2. The company insures important assets during good and bad economic times. 3. Time is saved by not updating records for use of supplies. 4. The company saves money by having employees involved in operations perform the only review of internal controls. 5. The recordkeeper is not allowed to write checks or initiate EFTs