Discuss the below in detail:
1. Inform the President of any new internal control requirements if the company decides to go public.
2. Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine.When you advise the President, please be sure to reference the applicable internal control principle that applies.
3. Advise the President of what the company is doing wrong (they are definitely doing some things poorly). Please be sure to include the internal control principle that is being violated along with a recommendation for improvement.
You must prepare a formal report for the partner to distribute to the President so no abbreviations or short-hand answers.