Failing to Detect a Fraudulent or Erroneous Transaction Is an Example

question 12

Multiple Choice

Failing to detect a fraudulent or erroneous transaction is an example of which type of risk?

• A)Control
• B)Inherent
• C)Detection
• D)Completeness

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Definitions:

Analysis of Variance

A collection of statistical models used to analyze the differences among group means and their associated procedures.

Uniformity Test

A statistical test used to determine if all elements of a set or population are consistent or homogeneous.

Laboratory Test

An analysis conducted under controlled conditions in a specialized environment to examine the properties or performance of materials or systems.

Tukey's Method

A statistical technique for identifying outliers by defining ranges or thresholds outside of which all data points are considered outliers.