The Risk of Incorrect Acceptance of an Account Balance as Correct,when

question 21

True/False

The risk of incorrect acceptance of an account balance as correct,when in fact it is not correct,bears directly on the effectiveness of an audit.

---

Definitions:

Types

Different categories or varieties of objects, concepts, or entities distinguished by specific attributes or characteristics.

Wheeler-Lea Act

A U.S. law passed in 1938 that amended the Federal Trade Commission Act to prohibit unfair or deceptive acts or practices in commerce.

Fine

A fine is a monetary penalty imposed as a punishment for an infraction, denial of a rule, or a criminal offense, often paid to a governmental or regulatory authority.

Clayton Act

A U.S. antitrust law, enacted in 1914, aimed at increasing economic competition and preventing corporate behaviors that could lead to monopolies or restrain trade.