et icuffie ait overstated by $76,b00 assets overstated by $70,000; retained earnings understated by $70,000; and net in understated by $70,000 assets and retained earnings overstated by $70,000, and net income understated by $70, 8. MC.08-53 "To maintain public confidence and trust in the financial reporting of companies" is the purpose GAAP Sarbanes-Oxley the IRS the FASB MC.08-57 e objectives of internal control are to prevent fraud, and promote the social interest of the company nroxide reasonable assurance that assets are safeguarded and used for busin ntions are complied with