Question: In regards to auditing, sampling is subject to errors because it is not testing 100%. What are the Type I and Type II errors? Any

In regards to auditing, sampling is subject to errors because it is not testing 100%. What are the Type I and Type II errors? Any examples? Which type is more severe?

Must be at least 200 words!

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In regards to auditing, sampling is subject to errors because it is not testing 100%. What are the Type I and Type II errors? Any examples? Which type is more severe? Must be at least 200 words!

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