Define deviation condition. Why are deviation conditions so important in an attributes sampling application?
Answer to relevant QuestionsWhy is appropriately defining the population of interest so important in an attributes sampling application?If the audit team examines a sample of 100 items, finds six deviations, and calculates an upper limit rate of deviation of 10.3 percent, what is the allowance for sampling risk?How does the audit team determine tolerable misstatement? What is the relationship between tolerable misstatement and sample size?When selecting a variables sampling approach, when should the audit team use MUS and classical variables sampling?When determining sample size under monetary unit sampling, an audit team does not need to make a judgment or estimate of a. Audit risk. b. Tolerable misstatement. c. Expected misstatement. d. Standard deviation.
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