Under SAS 99,financial Statement Auditors Are Required to Make Inquires

question 44

Multiple Choice

Under SAS 99,financial statement auditors are required to make inquires of all but which of the following individuals or groups about possible fraudulent activity or red flags.

• A)Management
• B)Audit committee members
• C)Internal audit personnel
• D)Shareholders

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Definitions:

Competitive Industry

An industry structure with many firms competing against each other offering similar products or services, leading to lower prices and innovation.

Marginal Revenue

The additional income received from selling one more unit of a good or service; this is crucial for businesses in determining how many units to produce.

Average Revenue

The total revenue generated by a firm divided by the quantity of goods or services sold, indicating the average amount of money made per unit.

Competitive Firms

Enterprises that operate in a market where they have to compete against other firms for the same customers or resources.