What Is the Best Way an Auditor Can Detect Fraud

question 92

Multiple Choice

What is the best way an auditor can detect fraud in the financial statements?

• A) Use professional skepticism.
• B) Understand Generally Accepted Accounting Standards.
• C) Brainstorm with the client to find the types of fraud occurring.
• D) Actively search for errors in the financial statements.

Distinguish between different levels of market concentration as indicated by the HHI.

Recognize the legal and regulatory framework for antitrust and merger control in the U.S., including the role of the Sherman Antitrust Act, the Clayton Act, the Federal Trade Commission Act, and the Celler-Kefauver Act.

Understand the implications of HHI values on the Justice Department’s approach to market concentration and mergers.

Apply knowledge of the HHI to assess monopoly power and market dominance.