Tolerable Error Is the Minimum Error an Auditor Is Willing

question 24

True/False

Tolerable error is the minimum error an auditor is willing to accept within the population tested.

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Definitions:

Confirmation Error

A cognitive bias that involves favoring information that confirms previously existing beliefs or biases.

Framing Error

A mistake in decision-making caused by misrepresenting or misinterpreting the context or information surrounding the decision.

Escalating Commitment

The phenomenon of individuals or organizations continuing to invest in a decision, project, or course of action despite evidence of its failure.

Anchoring Bias

A cognitive bias where an individual depends too heavily on an initial piece of information (the "anchor") when making decisions.