What Is the Primary Objective of Testing All Individually Significant

question 24

Multiple Choice

What is the primary objective of testing all individually significant items rather than sample testing?

• A)To increase the audit risk at which a decision will be reached from the results of the sample selected.
• B)To increase sample size.
• C)To accept no sampling risk for items greater than tolerable misstatement.
• D)To increase the size of the confidence bound around the projected misstatement.

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Definitions:

1555 Papal Bull

refers to the 'Peace of Augsburg,' a decree by the Holy Roman Emperor that allowed princes to choose either Lutheranism or Roman Catholicism as the official confession in their territories.

Paul IV

Pope from 1555 to 1559, who was notable for his role in the Counter-Reformation and his efforts to enforce the censorship of publications.

Council of Trent

An ecumenical council of the Roman Catholic Church convened between 1545 and 1563 to address the challenges of the Protestant Reformation and clarify Catholic doctrine.

Eucharist

A Christian sacrament commemorating the Last Supper, in which bread and wine are consecrated and consumed to symbolize the body and blood of Jesus Christ, celebrated across various denominations.