SAS No.99 Requires That Auditors

question 62

Multiple Choice

SAS No.99 requires that auditors

• A)plan audits based on an analysis of fraud risk.
• B)detect all material fraud.
• C)alert the Securities and Exchange Commission of any fraud detected.
• D)take all of the above actions.

Comprehend the perspectives of classical and Keynesian economists on the economy.

Analyze the impact of fiscal policy on economic stability.

Explain the concept of laissez-faire and its implications on economic policy.

Recognize the significance of the Employment Act of 1946.

---

Definitions:

Final Goods

Products that have completed the manufacturing process and are ready for use by consumers or to be sold as finished goods.

GDP

The total value of all ultimate goods and services generated within a country during a designated period is known as the Gross Domestic Product.

GDP Deflator

An economic metric that converts output measured at current prices into constant-price output, making it possible to compare the real value of aggregate production across different periods.

Base Year

A reference year used in economic index calculations, price comparisons, and economic data to account for the effects of inflation.