Reference no: EM132463773

Listed below are statements about internal control. Please discuss if each statement is a myth, fact, or somewhere in between, and your reasoning and basis:

Problem 1. Internal control starts with a strong set of policies & procedures.

Problem 2. Everyone within an organization has some internal control responsibilities.

Problem 3. With downsizing & empowerment, we have to give up certain amount of control.

Problem 4. Companies without internal auditors will not have effective internal controls.

Problem 5. If internal controls are strong enough, we can be sure there will be no fraud.