Explain the difference between the two types of sampling risk for substantive tests: the risk of incorrect
Question:
Explain the difference between the two types of sampling risk for substantive tests: the risk of incorrect acceptance and the risk of incorrect rejection. What are the errors’ different implications for the audit? Which is the more serious risk? Explain.
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The risk of incorrect acceptance is the risk that the auditor concludes that a material misstatement ...View the full answer
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Related Book For 
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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