To which of the five elements of internal controls does each of the following descriptions relate? Taking necessary actions to minimize risks Hiring employees with the necessary skills required for the job Using pronouncements from the FASB to prepare financial statements Which of the following relate to the control procedures a business should possess? Looking for unusual increases in cash disbursements, such as customer refunds Using proofs and other security measures Separating responsibilities for collecting cash payments from customers from recording the cash payments Stop-a-Second's cash receipt processing has adequate separate of duries amomg employees. However, the employee who collects the cash, the employee who records the cash receipts, and the employee preparing the deposit ticket for the day may work together to steal cash from the company. Which limitation of internal control is this an example of? The purchasing director of a manufacturer works to find materials at the best prices. Although the director's responsibilities are adequately separated to avoid theft and fraud, he mistakenly writes down the wrong discount taken by a supplier. To which limitation of internal controls does this relate