For each of the following procedures, indicate whether it is an internal control strength or a weakness. Also, for each weakness, explain why it is a weakness and how it can be corrected.

1. Only the best accounting graduates are hired to eliminate the need for training.

2. The person responsible for ordering and receiving supplies is not permitted to record or pay for the supplies.

3. Company policy mandates that all employees take vacation time.

4. Internal auditors constantly monitor the internal control system.

5. The accountant deposits cash at least once each day to prevent holding large amounts of cash on hand.

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