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What Is the Nature of the Relationship Between Risk of Material

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What is the nature of the relationship between risk of material misstatement and audit risk?


Definitions:

Unseen Patterns

Refers to hidden or not immediately obvious correlations, trends, or structures in data that can be identified through analysis techniques.

Natural Language Processing

A feature of AI systems that allows the system to understand written and spoken words and to interact with humans using language.

Enterprise Resource Planning

A suite of integrated applications that an organization uses to collect, manage, and interpret data from many business activities.

Decision Support System

A computer-based system that helps in making informed decisions by analyzing large volumes of data.

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