Internal control implementation is an important part of manager's role and responsibility. Garrison, et al. state that "internal control is a process designed to provide reasonable assurance that objectives are being achieved." Explain this concept using the following scenario:
REQUIRED:
[A] Jonathan & Pamela Reedus are the owners of a retail clothing store. They have 25 employees who work in administration and sales. List some internal risks that could hinder the business from experiencing profitability, the Reeduses' ultimate objective?
[B] Recommend some internal controls that, if implemented, should reduce these risks. Be thorough and specific.