Response to the following questions:
1. (a) Why did Congress pass the SarbanesOxley Act of 2002? (b) What was the purpose of the Sarbanes-Oxley Act of 2002?
2. Define internal control.
3. (a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?
If possible, please give examples to better understand your answers.