The Auditor Would Be Least Likely to Be Concerned About

question 28

Multiple Choice

The auditor would be least likely to be concerned about internal control as it relates to:

• A)Land and buildings.
• B)Common stock.
• C)Shareholder meetings.
• D)Minutes of board of directors' meetings.

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Definitions:

Monopoly Power

The ability of a single company or entity to control or dominate an entire market, preventing competition.

Trust-Busting

Government activities aimed at breaking up monopolies and trusts to restore competition in the market.

World War

A large-scale war involving many countries from different parts of the world, notably occurring twice in the 20th century (World War I and World War II).

Sherman Antitrust Act

U.S. legislation passed in 1890 aimed at promoting fair competition for the benefit of consumers, by prohibiting monopolies and other activities that restrict trade.