Current Attempt in Progress During an auditing class at Youngblood State University, the professor is discussing some of the advantages to a firm of having a robust and effective system of internal control. Which of the following statements best describes some of these advantages? Firms with more robust and effective systems of internal control are likely to avoid litigation and enjoy lower costs of capital than rival firms. Firms that spend a lot of money on their internal controls and can prove their efficacy are subject to decreased SEC regulation. Firms that have effective and efficient systems of internal control are less likely to need an internal audit function, which can save the company money and increase their bottom line. Firms that have robust and effective systems of internal control are typically less prone to material misstatements in the financial statements