Question 2 Inadequate internal controls may place an entity in violation of federal laws. True False Question 5 Auditors are not allowed to use flowcharts to document understanding of internal control. True False Question 7 A flowchart is a graphical representation showing the flow of documents through a system. True False Question 15 1.07 points Saved A narrative is a systematic set of questions designed to develop an understanding of an organizations' internal controls and those responsible for implementing control activities. True False Question 18 Financial statement assertions have been tailored for transactions and events and does NOT include which of the following assertions? Classification O a. b Accuracy Cutoff C. d. Rights Question 21 Accounting subsystems are accounting cycles composed of one or more accounting applications. O True False Question 22 Management of public companies are required to report on internal controls. True False Question 24 A well-controlled organizational structure must match the organization's operations, or the structure is not effective. True False