Which of the Following Is Most Correct for Audits of Non-Public

question 11

Multiple Choice

Which of the following is most correct for audits of non-public companies?

• A) An audit of internal control is required.
• B) An audit of internal control is not required.
• C) An audit of the design of internal controls is required.
• D) An audit of the operational effectiveness of internal controls is required.

---

Definitions:

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.

Federal Trade Commission

A federal agency established to promote consumer protection and the elimination and prevention of anticompetitive business practices.

Wheeler-Lea Act

A United States law that amended the Federal Trade Commission Act to prohibit unfair or deceptive acts in commerce.