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3.Who is responsible for establishing internal controls within the organization? What are some examples of effective internal controls? How can a company determine if the internal controls are effective?

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Solution answers the question, Who is responsible for establishing internal controls within the organization?

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Section 404 of the Sarbanes-Oxley Act requires management, specifically CEO and CFO, of a publicly traded company to issue an internal control report that explicitly accepts responsibility for establishing and maintaining "adequate" internal control.

Some examples of effective internal controls are:

1. ...

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