INTERNAL CONTROL

Internal control consists of all methods and measures adopted within an organization to safeguard assets

and enhance the accuracy and reliability of accounting records.

Under the Sarbanes$-$Oxley Act of $2002,$ all U$.$S$.$ corporations are required to comply with Generally

Accepted Accounting Principles $($GAAP$).$

Internal control is most effective when more than one person is responsible for a given task.

Internal auditors are employees of the Public Company Accounting Oversight Board $($PCAOB$)$ who

continuously evaluate the effectiveness of a company's internal control.

Internal control is most effective when the person responsible for record keeping for an asset does not

have physical custody for the asset.