Sarbanes-Oxley Act: Understanding Section 404 and Its Importance

What is the responsibility of the CEO and CFO according to Section 404 of the Sarbanes-Oxley Act?

How does the assessment of internal controls relate to financial statements?

What is the significance of having both internal controls and financial statements evaluated?

Can financial statements be free from material misstatement while having deficiencies in internal control? Explain.

Why is Section 404 considered important in relation to internal controls and financial statements?