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problem: Bemis Company is a rapidly increasing start-up business. Its record keeper, who was employed one year ago, left town after the firm’s manager discovered that a large sum of money had disappeared over the past six (6) months. An audit revealed that [he record keeper had written and signed several checks made payable to her fiancé & (hen recorded the checks as salaries expense. The fiancé, who cashed the checks but never worked for firm, left town with the record keeper. As a result, the firm incurred an uninsured loss of $84,000. Estimate Bemis’s internal control system and indicate which principles of internal control appear to have been ignored.

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