Auditing Standard No

question 29

True/False

Auditing standard No.5 describes a bottom-up approach to selecting controls to be tested.

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Definitions:

Sample

A subset of data or observations taken from a larger population, used for statistical analysis.

Quantitative Data

Numerical information that can be measured and quantified, allowing for mathematical calculations and statistical analysis.

Interval

A range of values within which a measurement or variable can fall, often used in statistics to estimate uncertainty.

Ordinal

Relating to a categorical ranking or ordering of data where the order of the values is significant, but the differences between them are not necessarily consistent or known.