The Sarbanes-Oxley Act of 2002 (SOX) requires organizations to establish internal controls. What is internal control and what are some of its objectives?

1. Internal control can be defined as the process that allows the courts to lift, or pierce, the corporate veil if they determine that a company is the alter ego of its owners. This helps discourage employees from committing errors, fraud, and theft and helps ensure that accounting information is accurate and complete.

2.Internal control can be defined as the systematic proceduresincluding policies and procedures, methodologies, checks and balances, and reviewsthat an organization implements to help it discourage employees from committing errors, fraud, and theft and to ensure that accounting information is accurate and complete.

3.Internal control can be defined as the process of separating the personality of a corporation from the personalities of its shareholders to help discourage employees from committing errors, fraud, and theft and to ensure that accounting information is accurate and complete.

4.Internal control can be defined as the systematic proceduresincluding policies and procedures, methodologies, checks and balances, and reviewsthat an organization implements to help it circumvent the legal doctrine of alter ego.