1. SOX is a legislation required to relax accounting regulations on corporate financial reporting

   True

   False

1. Controls for petty cash include maintaining a written record of all payments

   True

   False

1. The five elements of internal control are the control environment, risk assessment, control procedures, monitoring, and information and communication.

   True

   False

1. The primary purpose of bank reconciliation is to catch fraud.

   True

   False

1. The responsibility for maintaining the accounting records should be separated from the responsibility for operations

   True

   False

1. To reduce the possibility of errors and embezzlement, the functions of operations and accounting should be separated.

   True

   False