Respond that the following statements are true or false:

1. Sarbanes Oxley is a major fraud case that motivated Congress to establish rules governing internal control. This statement is

2. The implementation of an effective internal control system eliminates the possibility of fraud. This statement is

3. A bank statement is presented from the customer's point of view. Therefore, a customer deposit reduces the bank's liabilities. These statements are

4. The nature of the accounting profession demands that accountants assume an obligation of self-discipline above and beyond requirements of laws and regulations. This statement is