Problem 1 (20 points). Attached are several control procedures that a company could implement as part of its internal control structure. REQUIRED: For each of the control procedures, classify each item to the component of internal control to which they are most closely related. Choose your answer from the list below. COMPONENTS OF INTERNAL CONTROL Control Environment (CE) Information and Communication (IC) Risk Assessment (RA) Monitoring (MO) Control Activities (CA) LIST OF CONTROL PROCEDURES THAT COULD BE IMPLEMENTED AS PART OF AN INTERNAL CONTROL STRUCTURE (a) Requiring different employees to record transactions and authorize those transactions, (b) Establishing a Board of Directors independent from management. Using journals to summarize similar types of transactions. (d) Requiring the use of prenumbered, controlled documents to authorize transactions. (e) Sending monthly statements to customers and following up on any discrepancies noted by these customers. (1) Preparing summary journal entries to record transactions that have been entered in journals or registers. (g) Requiring client bank accounts to be reconciled at the end of each month. (h) Using budgets and performance standards to evaluate employee performance. (i) Identifying instances where the organization's operations may be subject to laws and regulations. G) Developing a corporate code of conduct for employees. (k) Mathematically verifying vendor invoices prior to payment. (1) Ensuring that individuals understand how their roles fit into the organization's internal control