In case study...

QUESTION 1. Briefly summarize the problem in this case. ANSWER >| I Case Study -Internal Control JB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls decause they are planning to go public in the future. The President wants to be aware of any new eguired of his company if they go public so he met with a colleague of yours at a local lestaurant. league. Your colleague has since been promoted to a tax postrent system of internal controls to your pelow so you can generate recommendations for the a tax position so she has passed on the information sor the partner at your accounting firm to share with the ince UB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their he checks and completes the monthly bank reconciliation. The accountant is so busy that the company nandles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are isked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine o print their checks. The President is waiting to hear from you if this is a necessary purchase before athorizing. On payday, the checks are picked up by the accountant and left in his office for nick-un