Listed below are statements about internal control. Please discuss why you believe each statement is a myth$,$ fact, or somewhere in between, and your reasoning and basis: $1.$ Internal control starts with a strong set of policies $\backslash$& procedures. $2.$ With downsizing $\backslash$& empowerment, we can still have effective internal control. $3.$ Companies without internal auditors will not have effective internal control. $4.$ If internal controls are strong enough, we can be sure there will be no fraud. $5.$ Effective internal controls occur when company personnel perform their respective job duties and comply with established policies $\backslash$& procedures. $6.$ The cost$/$benefit of implementing a new control is easy to justify. $7.$ If the external auditors have to recommend that a "material" adjusting entry be made as a result of their year$-$end F$/$S audit, that fact alone could result in the conclusion that the company's ICFR has a "material" weakness.