Internal Controls Case Study Discussion Accounting, Finance Essay

In order to complete this discussion, you will need to have watched the three Internal Controls Case Study videos (Business Background, Work Flows, and Findings) below:
After you have watched the videos, answer the questions below with a 2-3 minute recorded video response. This assignment also requires a response to at least one of your classmates. The response to a classmate's video can be a video response OR a text response from you. Please be sure to reply directly to a classmate's post to add your response so that it is clear who you are responding to.
Questions
Consider the roles, work flows, and control environment for this company. What kinds of changes could be made to avoid breakdowns in internal controls in the future? (Remember, this is a small company with restricted resources that cannot just hire another person to help solve the problem. Your response should identify weaknesses in the internal control system and discuss proposed changes that could help improve it.)
Discuss the impact of the owner's handling of this situation on all the parties involved, including his other employees. Had you been in the owner's shoes, would you have done anything differently? If you had been the consultant (me), what other possible outcomes would you have suggested to the business owner? (Include your opinion on whether justice was served in this situation, and whether it was appropriate for the owner to involve the bookkeeper's parents. Did a somewhat merciful response by the owner waste an opportunity for social justice? Who do you think paid the price for this fraud?)
Requirements
Answer each of the questions above in a 2-3 minute video post. Remember, these should be well thought out responses that are carefully considered, as your response will be graded accordingly. Be sure to use your knowledge from the course readings and videos to inform your responses.
Post your responses by the due date specified.