When initially planning a risk-based audit, which of the following steps is MOST critical?
A. Evaluating the organization's entire environment as a whole
B. Establishing an audit methodology based on accepted frameworks, such as COBIT or COSO
C. Documenting procedures to ensure that the auditor achieves the planned audit objectives
D. The identification of the areas of high risk for controls failure
Answer: D. The identification of the areas of high risk for controls failure
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________ exist(s) when firms coordinate their production and pricing decisions not by directly communicating with each other but by exchanging signals with other firms about their intent to cooperate
A) Economies of scale B) Explicit collusion C) A learning race D) Tacit collusion