Statements Answer 1. Maintaining effective internal control is the responsibility of the __________. 2. A significant deficiency is a control deficiency that is less severe than a __________ yet important enough to merit attentions by those responsible for oversight of the company's financial reporting. 3. To express the internal control opinion, the auditors should obtain sufficient evidence on the effectiveness of controls at the _________ date. 4. Ineffective audit committee oversight of management is regarded as at least a __________. 5. The auditors should design procedures to provide a high level of assurance that the controls related to each __________ are operating effective