True / False

1) In Managements report on the effectiveness of their internal control, management acknowledges its responsibility for establishing and maintaining adequate internal control over financial reporting.

2)A potential loss of assets is a consequence of implementing excessive internal control.

3)Increased bureaucracy is a consequence of implementing excessive internal control.

4)Excellent Internal control is able to provide absolute assurance to an entitys senior management and board of directors.

5)The Foreign Corrupt Practices Act prohibits American companies to make payments to foreign officials to obtain business.