Response to the following questions:
1. (a) Why did Congress pass the Sarbanes-Oxley Act of 2002? (b) What was the purpose of the Sarbanes-Oxley Act of 2002?
2. (a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?
3. How does a policy of rotating clerical employees from job to job aid in strengthening the control procedures within the control environment? Explain.
4. Why should the responsibility for a sequence of related operations be divided among different persons? Explain.