Response to the following questions:
1. An important responsibility of many accounting professionals is to design and implement internal control procedures for organizations. Explain the purpose of internal control procedures. Provide two examples of internal controls applied by companies.
2. Identify the following users as either external users (E) or internal users (I).
a. Lenders
b. Controllers
c. Shareholders
d. Sales staff
e. FBI and IRS
f. Consumer group
g. Brokers
h. Suppliers
i. Customers
j. Managers
k. Business press
l. District attorney.