The Standard of Due Care to Which the Auditor Is

question 113

True/False

The standard of due care to which the auditor is expected to be held is referred to as the prudent person concept.

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Definitions:

Department of Justice

A federal executive department of the U.S. government responsible for the enforcement of laws and administration of justice.

Celler-Kefauver Act

A United States antitrust law passed in 1950 to prohibit certain mergers and acquisitions that could lead to a decrease in competition.

Lessen Competition

A situation or strategy in which there is a reduction in the intensity of competitive forces within a market or industry.

Patent Legislation

Laws that grant inventors exclusive rights to their inventions, preventing others from making, using, or selling the invention without permission.