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Exercise 7-2 Internal control objectives LO3 As a member of the city's internal audit team,...

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Exercise 7-2 Internal control objectives LO3 As a member of the city's internal audit team, you have been instructed to observe the procedures regarding the collection of coins from the municipally owned parking meters. You accompany the civic employee on the collection route. The employee uses a key to open the locked coin compartment of the meter and empties its contents into a canvas bag that closes with a drawstring. When the bag is full, the employee closes it and places it in the vehicle, which is parked along the route. At the end of the day, the civic employee delivers the bags to two individuals in a municipal office who are jointly responsible for counting the contents. Required Write a brief report identifying three weaknesses in the above situation. For each weakness, iden- tify the implication of the weakness and make a recommendation

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