is a necessary purchase before authorizing . On payday , the checks are picked up by the accountant and left in his office for pick-up . Before he leaves for the weekend , he will move the checks into a safe in his office . The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer . He later found out this individual was a convicted felon who served time for molesting children . The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords . The President expressed his frustration because both he and the accountant both interview and approve all of the new hires . Required : Based on the above information , prepare a Word document to address the following : Inform the President of any new internal control requirements if the company decides to go public . ( 7 points ) Advise the President of what the company is doing right ( they are doing some things well ) and also recommend to the President whether or not they should buy the indelible ink machine . When you advise the President , please be sure to reference the applicable internal control principle that applies . ( 13 points ) Advise the President of what the company is doing wrong ( they are definitely doing some things poorly ). Please be sure to include the internal control principle that is being violated along with a recommendation for improvement . ( 20 points ) You must prepare a formal report for the partner to distribute to the President so no abbreviations or short-hand answers . You also must cite your references . At a minimum , your textbook should be cited . Below is a grading rubric for this assignment . Category Points Description Understanding 10 Demonstrate a strong grasp of the problem at hand . Demonstrate understanding of how the course concepts apply to the problem . Analysis 30 Apply original thought to solving the business problem . Apply concepts from the course material correctly toward solving the business problem . Execution 10 Write your answer clearly and succinctly using strong organization and proper grammar . Use citations correctly . Total 50 A quality paper will meet or exceed all of the above requirements . Best Practices The following are best practices in preparing this paper . Cover Page : Include whom you prepared the paper for , who prepared it , and the date . Table of Contents : List the main ideas and sections of the paper and the pages where they