$($Select all the choices that apply.$)$

A$.$ The board of directors the primary internal control mechanism and the first line of defense to prevent fraud, agency conflicts, and mismanagement.

B$.$ The board of directors is the primary external control mechanism and the first line of defense to prevent fraud, agency conflicts, and mismanagement.

C$.$ The board of directors is the primary internal control mechanism and the only line of defense t$$ prevent fraud, agency conflicts, and mismanagement.

D$.$ The board is empowered to hire and fire managers, set compensation contracts, approve major investment decisions, etc.