Due professional care calls for:
a. Detailed review of all transactions related to a particular function.
b. Testing in sufficient detail to give absolute assurance that noncompliance does not exist.
c. Consideration of the possibility of material irregularities during every engagement.
d. Infallibility and extraordinary performance when the system of internal controls is known to be weak.
e. Consideration of industry best practices on each engagement.
Answer: c. Consideration of the possibility of material irregularities during every engagement.
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The central idea of mercantilism is that there should be an export surplus so a nation can accumulate precious metals.
a. true b. false
A proposed merger between two Swiss-based global pharmaceutical companies, Ciba-Geigy AG and Sandoz AG, would be subject to review by regulators from which of the following?
A) European Commission B) UN Conference on International Trade Law C) International Chamber of Commerce D) International Court of Justice E) none of the above