The Toronto Tour Company (TTC) organizes tours of scenic and historic places of interest for visitors to Toronto, Ontario. On January 1, 2018, Linda incorporated TTC as a private corporation. TTC has a December 31 year end and uses ASPE. Additional Information Linda manages all the business activities including entering all information into QuickBooks™ Online. She finds this works well although, with the business getting busier, she is no longer able to keep up on a daily basis. She feels that, moving forward, she will be able to update the accounting records once a month only. Linda uses either the business credit card or e-transfers to pay invoices. Due to how busy it is Linda no longer has time to make a cash deposit on a daily basis. Instead, she keeps the cash locked in her desk and makes deposits weekly, every Monday morning, after the weekend. Linda has been using QuickBooks™ Online to complete a bank reconciliation on a monthly basis. Because Linda has not been able to keep up with all the business transactions on a daily basis, she missed an opportunity to receive a discount on bus rental fees. Unfortunately, she sent in her payment after the discount period was over. Customers often pay cash at the start of the tour. Linda finds that, often, at the end of the day, she is carrying between $500 and $1,000 cash in her backpack. She makes sure she stops at the office to lock the cash in her desk before going home. 1. Outline 2 internal control weaknesses. Include an explanation of what can go wrong as a result of each weakness, and make recommendations on changes Linda can make to improve her internal controls in the future.


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