Examlex
The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated.
Durbin-Watson Statistic
A test statistic used to detect the presence of autocorrelation in the residuals from a regression analysis.
Autocorrelation
The statistical relationship of a variable with itself over successive time intervals, often used in time series analysis to identify repeating patterns or seasonal effects.
Heteroscedastic
A characteristic of a dataset where the variability of a variable is unequal across the range of values of a second variable that predicts it.
Variability
The extent to which data points in a statistical distribution or data set diverge from the average or mean.
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