Question: Identify the internal control principle that was violated in each of the following separate situations. Situations a . As a result of significant internal control

Identify the internal control principle that was violated in each of the following separate situations.
Situations
a. As a result of significant internal control weaknesses, the company lost millions and was forced to close. Two years prior, the company stopped paying for regular audits of internal control to save for renovations of executive offices.
b. An employee stole thousands of dollars worth of equipment over many years. It took years for the company to discover the fraud because accounting records for equipment were rarely updated.
c. The recordkeeper left town after the owner discovered a large sum of money had disappeared. An audit found that the recordkeeper had written and signed several checks made payable to his fiance and recorded the checks as salaries
Identify the internal control principle that was

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!