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What are the ramifications in terms of asset protection

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Scenario: We have a small restaurant food supply company. Only one employee keeps the accounts receivable and accounts payable records, pays bills, and does the bank reconciliation each month.

What are the ramifications in terms of asset protection as well as in terms of an audit of this weakness in internal control?

If possible please be as detailed as possible as these ramifications must be communicated and explained to a third party, without a background in accounting and finance.

Reference no: EM132220431

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