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Describe the risk-based audit approach.
Hypergeometric Probability
The probability of a certain number of successes in draws, without replacement, from a finite population that contains exactly two kinds of objects.
Finite Population
A population set that contains a limited number of distinct units or elements.
Hypergeometric Probability
The probability of obtaining a specific number of successes in a finite population without replacement, ideal for modeling scenarios where the probability changes on each draw.
Denotes Success
Indicates the achievement or accomplishment of a specified goal or criterion.
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