Examlex
Discuss how auditors use the audit risk model when planning an audit.
Random Variable
A random variable is a variable whose possible values are numerical outcomes of a random phenomenon.
Success Probability
The likelihood or chance of a particular event or outcome happening, often expressed in terms of percentage or decimal.
Poisson Random Variable
A statistical measure that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming these events happen with a known constant mean rate and independently of the time since the last event.
Specified Interval
A defined range of values within which a particular parameter or statistic is expected to lie.
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