Which of the Following Statements Is Correct When Dealing with Sampling

question 7

Multiple Choice

Which of the following statements is correct when dealing with sampling for exception rates?

• A) The term exception refers to both deviations from the client's control procedures and amounts that are not monetarily correct.
• B) When used with sampling, the term deviation is synonymous with the term exception.
• C) The actual population exception rate is the same as the sample exception rate.
• D) In using audit sampling for exception rates, the auditor is most concerned with the confidence interval.

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Definitions:

Functional Plan

a detailed description of how specific tasks or functions will be executed within a project or organization to achieve set objectives.

Corporate Strategy

Involves the overarching plans and objectives a company adopts to achieve competitive advantage, growth, and sustainability.

Tactical Plan

A short-term strategy designed to address specific goals, often as part of a broader strategic plan.

Tactical Plans

Short-term actions designed to achieve specific objectives, often as part of a larger strategic plan.