Question: Identify the internal control principle that was violated in each of the following separate situations. Situations a. There is $500 in cash missing from a
Identify the internal control principle that was violated in each of the following separate situations. Situations a. There is $500 in cash missing from a cash register drawer. Three salesclerks shared the cash register drawer, so the owner cannot determine who is at fault. b. A disgruntled employee stole expensive equipment from a room they were unauthorized to enter. The room displayed a sign, "Authorized Employees Only," but did not include any physical locks or ID scanners to limit access. c. An employee was put in charge of handling cash. That employee later stole cash from the business.

The company incurred an uninsured loss of $184,000. Principle Violated Establish responsibilities Apply technological controls Insure assets and bond key employees
Identify the internal control principle that was violated in each of the following separate situations
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
