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Dave Tate, Esq. comment. Internal controls are one of the keys to financial statement reliability, but the PCAOB has found a relatively large number of deficiencies in audits of internal controls. If I’m on an audit committee, and I have to rely in part upon other people in the performance of my oversight responsibilities, I want to be sure, from the external auditor, internal audit and management, that internal controls are as they should be.