what if Evaluate the importance of internal controls in preventing fraud and ensuring the accuracy of financial statements. Describe the key components of an effective internal control system, including the control environment, risk assessment, control activities, information and communication, and monitoring. Provide a detailed analysis of the Sarbanes$-$Oxley Act $($SOX$)$ and its impact on the internal control requirements for publicly traded companies in the United States. How has SOX influenced corporate governance and the role of auditors in assessing internal controls? Discuss specific examples of companies that have failed to maintain adequate internal controls and the resulting consequences, such as financial restatements, legal penalties, and loss of investor confidence. What best practices can organizations adopt to strengthen their internal control systems and minimize the risk of fraud and financial misstatements? $10$ marks.