Internal controls for lending OBJ. 2, 3 Pacific Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $100,000) may be approved by an individual loan officer, while larger loans (areatr than $100,000) must be approved by a board of loan officers. Once a loan is approved, available to the loan applicant president has the individual authority to approve loans up to $5,000,000. The president beli policy will allow flexibility to approve loans to valued clients much quicker than under the previous policy under agreed-upon terms. Pacific Bank has instituted a policy whereby its eves that this As an internal auditor of Pacific Bank, how would you respond to this change in policy? Requirements: Use the Control Procedures to answer the following 1. Identify the missing internal control PROCEDURE(S) in each situation. show the nmussing conirol p 2. Identify each firm 3. Propose a solution. s possible problem created by not having the control procedure(s)