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:

Noncompetitive

Refers to a market situation where businesses face little to no competition, either due to monopolistic conditions or because they offer a unique product or service.

Complementary Merchandise

Products that are sold together or used jointly because they complement each other.

Broker

An individual or firm that acts as an intermediary, facilitating transactions between buyers and sellers for a fee or commission.

Internet Company

A business that primarily operates online, providing products or services through the web.