Identify the missing internal control characteristics in each situation.

Jade Applications has decided that one way to cut costs in the upcoming year is to fire the external auditor. The business believes that the internal auditor should be able to efficiently monitor the? company's internal controls.

b.

In an effort to minimize the amount of? paperwork, Ross Homes has decided that it will not keep copies of customer invoices related to sales revenue. Ross believes that this effort will minimize the amount of data storage the company will have to pay for.

c.

Elle? Bee, a trusted employee for many? years, has never taken a vacation. The owner believes that? he's lucky that she is so committed to her job.

d.

The Medicine Chest Company keeps a small petty cash fund to handle small cash transactions. Because no one wants to volunteer to be the? custodian, the business manager has decided that all employees should have access to the petty cash. She figures that as long as each employee fills out a petty cash? ticket, then there are proper controls in place.

e.

Due to the cost of maintaining the security? cameras, Wings and More has decided that it will remove the cameras that monitor the cash register.

f.

Bryan? Miller, manager of Hardware? Emporium, prides himself on hiring exceptionally skilled employees who need no training to do their jobs.

1. gar principles or "the principles"are intended to do what? a. foster an awareness of the hierarchical structure of the organization b. explain the best method of implementing biometric security techniques c. foster an awareness of the importance of good employee training d. foster an awareness of getting upper level management on board in understanding the need to implement an ig program e. foster an awareness of good record keeping principles

Daniel owns 100 shares of abc corporation's common stock. abc uses the fair value option, and recent declines in the firm's credit rating have caused the value of the firm's outstanding bonds payable to drop by 10%. daniel feels this is good news, but he wants to know what you think about the situation. which of the following represents your best response? a : "this situation may be positive for you in that the change in abc's credit standing indicates that the value of the firm's assets is likely increasing. however, the drop in bond value may negate any positive effects on your bottom line, because it means your claim on the firm's assets is simultaneously decreasing." b : "actually, this is bad news all around. the drop in the value of abc's bonds payable means shareholders' claims on the firm's assets have decreased. moreover, abc's declining credit rating means that the firm's assets are probably also dropping in value, thus magnifying your losses even more." c : "on the surface, this seems like good news because it means your claim on the firm's assets has increased. however, the drop in creditworthiness may also indicate that abc's assets are declining in value, thus offsetting any gains associated with the drop in bonds payable." d : "you're right! this is good news because it means that abc's debtholders have a decreased claim on the firm's assets. as a result, the firm's existing shareholders"like you"have seen their claim on the firm's assets increase."

Karen is working on classifying all her company’s products in terms of whether they have strong or weak market share and whether this share is in a slow or growing market. what type of strategic framework is she using?