1. Which of the following is not part of the definition of internal control?
a. Separation of duties
b. Safeguard assets
c. Encourage employees to follow company policy
d. Promote operational efficiency
2. The Sarbanes-Oxley Act
a. created the Private Company Accounting Board.
b. allows accountants to audit and to perform any type of consulting work for a public company.
c. stipulates that violators of the act may serve 20 years in prison for securities fraud.
d. requires that an outside auditor must evaluate a public company’s internal controls.
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