Whenever Sampling Is Used in an Audit Procedure, Uncertainty Will

question 28

Multiple Choice

Whenever sampling is used in an audit procedure, uncertainty will be present.The two sources of this uncertainty are:

• A)detection risk and control risk.
• B)audit risk and detection risk.
• C)inherent risk and control risk.
• D)sampling risk and non-sampling risk.

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Definitions:

Immediate Effect

The instant impact or outcome that follows a specific action or decision, without significant delay.

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service, intended to prevent prices from falling too low.

Market Price

The actual selling price of a good or service in the marketplace, determined by supply and demand dynamics at any given time.

Rent Controls

Government-imposed maximums on the rent that landlords can charge tenants.