Explain why you consider the finding below to be a problem. What internal controls are absent or have been violated, and how serious you consider the problem to be, including the potential consequences of this finding.

• Time-sheets for hourly-paid employees are supposed to be submitted every two weeks.However, you discovered that, on three occasions in 201, time-sheets for the finished goods warehouse were not submitted on time (instead, the time-sheets were submitted along with the following two weeks' time-sheets, resulting in the employees being paid once a month instead of every two weeks).