At the End of the Audit, Which of the Following

question 26

Multiple Choice

At the end of the audit, which of the following is NOT reevaluated by the auditors?

• A)Misstatements found during the audit
• B)Materiality decisions made during the audit
• C)Inherent risk based on audit findings
• D)Fraud risk based on audit findings

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Definitions:

Sherman Act

A landmark federal statute passed by Congress in 1890 that prohibits certain business activities considered to be anti-competitive, and requires the federal government to investigate and pursue trusts.

U.S. Antitrust Laws

Laws implemented to prevent anticompetitive practices, monopolies, and to promote fair competition for the benefit of consumers.

Foreign Corrupt Practices Act

A U.S. law passed in 1977 aimed at preventing companies from bribing foreign officials to gain a business advantage.

American Company

A business organization that is registered and operates in the United States, adhering to the laws and regulations of the country.