If the Result Obtained from a Particular Sample Will Be

question 30

Multiple Choice

If the result obtained from a particular sample will be critical (that is, the auditor would not be able to render an unqualified opinion unless every item in the population were examined) , which of the following is the most important to the auditor?

• A) estimated population deviation rate
• B) tolerable deviation rate
• C) acceptable risk of assessing control risk too low
• D) size of the population

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Definitions:

Behavioral Economists

Academics analyzing the influence of psychological, cognitive, emotional, cultural, and social factors on the economic choices made by individuals and institutions.

Framing Effects

A cognitive bias where people react differently based on the way information is presented or framed, affecting decision-making and judgments.

Solar Panels

Devices that convert sunlight into electricity, using photovoltaic cells to capture and transform solar energy.

Neoclassical Economics

An economic methodology that explores how market distributions of commodities, outputs, and incomes are regulated by supply and demand dynamics.