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AUD Prep

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Question:

FYI: By definition, audit risk consists of the so-called Type 2 error,, whereas sampling risk consists of both the Type 1 error and the Type 2 error.

Author: Monique Tyler



Answer:

FYI: Statistical Sampling relates to the Sufficiency (Quantity) of the evidence—The determination of the sample size in a statistical sampling application establishes how much evidence is required.


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