Internal Control Systems Are Recommended but Not Required of Firms

question 22

True/False

Internal control systems are recommended but not required of firms subject to the Sarbanes-Oxley Act.

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Definitions:

Time Base

The reference timing interval used by timers, dictating how the timer increments or decrements time counts.

Retentive On-relay Timer

A timer that retains its accumulated value even when the control power is interrupted, resuming its timing function once power is restored.

Power Loss

The interruption or failure of electrical power supply, affecting the operation of devices, systems, and entire facilities, requiring mitigation strategies.