Question: Please discuss why you believe each statement is a myth, fact, or somewhere in between, and your reasoning and basis: Effective internal controls occur when

Please discuss why you believe each statement is a myth, fact, or somewhere in between, and your reasoning and basis:

  1. Effective internal controls occur when company personnel perform their respective job duties and comply with established policies & procedures.
  2. The cost/benefit of implementing a new control is easy to justify.
  3. 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.

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