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| The PCAOB’s Auditing Standard (AS) 5 focuses on internal controls in their relation to the fair presentation of financial statements. One requirement of AS 5 is that A. Auditors must quantify control risk in numeric terms. B. A publicly-traded firm must establish and maintain a system of internal accounting control. C. External auditors must express an opinion on a firm’s internal control at the same time as the opinion on the financial statements. D. Publicly-traded firms must address each of the five interrelated components of internal control. |