In obtaining an understanding of an entity's internal control, an auditor is required to obtain knowledge about the: 
Definitions:
Existing Markets
The current and operational markets where products or services are already being distributed or consumed.
High Barriers to Entry
Conditions that make it difficult for new competitors to enter a market, including high costs, strict regulations, or established brands.
Low Power of Suppliers
A business situation where suppliers have little control over the pricing and terms of products being supplied, enhancing the bargaining power of the purchasing company.
Hypercompetition
An extremely competitive business environment characterized by rapid and constant changes in technology, customer preferences, and market dynamics.
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