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Discuss the two circumstances under which auditors would extend their procedures considerably in the audit of payroll.
Level of Confidence
The degree of certainty or trust one can have in the interval estimate of a population parameter.
Confidence Interval
A range of values, derived from sample data, that is likely to contain the population parameter of interest with a specified probability.
Population Mean
The average value of all members of a population.
Standard Deviation
A numerical value calculating how much the dataset deviates from its average, illustrating the breadth of data distribution.
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