Evaluate pacific internal control system

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Reference no: EM13141701

Pacific Company is a rapidly growing start up business. Its bookkeeper, who was hired one year ago, left town after the company's manager discovered that a large sum of money had disappeared over the past six months. An audit disclosed that the bookkeeper hasd written and signed several checks made payable to her fiance and then recorded the checks as salaries expense. The fiance, who cashed the checks but never worked for the company, left town with the bookkeeper. As a result, the company incurred an uninsured loss of $184,000.

Evaluate Pacific's internal control system and indicate which principles of internal control appear to have been ignored.

Reference no: EM13141701

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