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5. In each of the following situations, identify the internal control weakness and the business'...

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Accounting

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5. In each of the following situations, identify the internal control weakness and the business' potential problem and suggest a solution. a) The partners of a law firm have been extremely busy in recent months. Because they have not had the time to hire another lawyer, one of the secretaries has been preparing briefs, writing wills, and preparing the closing papers for various real estate deals. b) A company's accounting clerk is responsible for opening the mail , recording and depositing cash receipts, and preparing the monthly bank reconciliations. She has not taken a vacation in over five (5) years. Doncos c) An inventory clerk purchases supplies and stores them in a locked room for which he has the key. He is also responsible for distributing these supplies to employees upon their request. At the end of each month, he takes an inventory of the supplies on hand and notifies the accounting department of the amount of the adjusting entry for supplies used. too Tor, 12

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