Question 52 1.0 The Foreign Corrupt Practices Act of 1977 requires all businesses registered with the SEC to establish and maintain a system of internal accounting controls. o True False Question 55 Management is required to report on its internal controls with its financial statements. This report is required to include all of the following EXCEPT: Its responsibility for control of financial reporting a. The framework used for internal control b. An assessment of the effectiveness of the company's internal control O c. O d. The statement that the company is not required to have an audit on internal control Question 68 A separate external audit of internal accounting control should never be preformed. True False Question 69 1.07 points Save Answer Internal control is a process designed to provide reasonable assurance regarding the achievement of the objectives of reliable financial reporting, compliance with laws and regulations and effective and efficient operations, and safeguarding of the assets. True False Question 70 1.07 points Save Answer When the auditor believes the design of controls of a non-public company is effective but does not test the controls, the auditor can assess control risk as moderate in some circumstances but otherwise it should be assessed as high. True False