1. Sarbanes Oxley is a major fraud case that motivated Congress to establish rules governing internal control. This statement is True False Top of Form 2. Internal control is a process designed to ensure reliable financial reporting. effective and efficient operations. compliance with applicable laws and regulations. Internal control is designed to ensure all of the items described in the answers.      3. The framework that is used to assess the effectiveness of a company’s internal control was established by the Securities and Exchange Commission. Financial Accounting Standards Board. Committee of Sponsoring Organizations of the Treadway Commission. American Institute of Certified Public Accountants.   4. The Committee of Sponsoring Organizations (COSO) framework for the evaluation of internal controls contains which of the following interrelated components? Risk assessment Information and communication Monitoring All of the answers are components of the COSO framework       5. Which of the following is not a commonly accepted internal control activity? Hiring only college graduates