Julio is an internal auditor at a large grocery store chain in New York City. During...

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Julio is an internal auditor at a large grocery store chain in New York City. During his audit, he learns that a manager received commendation for not taken any vacation in his 20 years with the company. Later in the audit, Julio sees an employee using blank pieces of paper to make receipts for cash-paying customers. To clarify his observation, Julio asked the employee the following day. The employee responded that she heard her manager mentioning that the business was slow, so she wanted to help save money by using scrap paper. In addition, Julio sees the manager performing multiple roles, such as counting the cash in the register at the end of each shift, journalizes the sales, and making cash deposits at the bank. Which internal control principles have been violated? How can Julio fix them? Julio is an internal auditor at a large grocery store chain in New York City. During his audit, he learns that a manager received commendation for not taken any vacation in his 20 years with the company. Later in the audit, Julio sees an employee using blank pieces of paper to make receipts for cash-paying customers. To clarify his observation, Julio asked the employee the following day. The employee responded that she heard her manager mentioning that the business was slow, so she wanted to help save money by using scrap paper. In addition, Julio sees the manager performing multiple roles, such as counting the cash in the register at the end of each shift, journalizes the sales, and making cash deposits at the bank. Which internal control principles have been violated? How can Julio fix them?

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Answer Internal Control Principles that should be followed by an organisation are as follows 1 No si... View the full answer