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3 Weekly homework assignment Q Search Sheet "+ Share Home Insert Draw Page Layout Formulas Data Review View B18 fx 5. Documentation Procedures C D E F G B 1 STATUS: THIS EXERCISE IS NOT DONE When you are finished with this exercise, change the status to "DONE!" INTERNAL CONTROL STORY Lydia Pink, a single person with no known sources of outside income, has been a trusted employee of Stone Products Company for 15 years. She performs all cash-handling and accounting duties, including opening the mail, preparing the bank deposits, accounting for all aspects of cash and accounts receivable, and preparing the bank reconciliation. Her fellow employees marvel at her hard working attitude, because she never seems to take a day off. Additionally, when the owner, Mr. Stone travels on business, Lydia handles almost all of his managerial duties. 10 Lydia recently purchased a Lexus automobile, and a new home in Bellevue. Mr. Stone wonders 11 how she can afford these luxuries on her salary. 12 13 Consider the facts of the story with the following internal control procedures: 14 1. Establishment of Responsibilities 15 2 . Segregation of Duties 16 3 . Physical, Mechanical and Electronic Controls 17 4. Independent Internal Verification 18 5 . Documentation Procedures 19 6. Other Controls (Bonding, requiring vacations, job rotation, etc. 20 21 What should Mr. Stone do to improve the internal control at Stone Products? 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 1. PERIODIC IS 2. FIFO-T 4. INT. CONTROL 5. FIN STMTS 6. INTEREST CALCS 7. MULTIPLE CHOICE 8. YOUR THOUGHTS + 3. BANK RECON + 100% Ready