Various parties are taking an increased interest in the quality of an entity's internal controls.

Required
a. Briefly explain the difference between internal control and internal control over financial reporting. What are the major distinctions?
b. The Sarbanes-Oxley Act requires public reporting on the quality of internal controls over financial reporting. What are the primary benefits of such reporting?
c. Why might a company's trading partner be interested in the quality of an organization's internal controls, particularly its computerized controls?
d. How would a negative report on internal controls over financial reporting likely affect stock prices? Does the nature of the material deficiency make a difference in the likely effect on stock market prices? Explain by identifying, in your own view, the types of deficiencies that would most likely have a negative effect on stock market prices.
e. Does a report on internal control have to assess all of the COSO components or could it be based on the controls over the processing of transactions? Explain.