If the Result Obtained from a Particular Sample for Control

question 33

Multiple Choice

If the result obtained from a particular sample for control and substantive tests of transactions is critical to the formation of an audit opinion, which of the following is the most important to the auditor in concluding of the appropriateness and sufficiency of evidence gathered?

• A) Acceptable risk of assessing control risk too low.
• B) Estimated population exception rate.
• C) Tolerable exception rate.
• D) Size of the population.

---

Definitions:

British North America Act

Historical legislation passed in 1867, uniting three colonies into the Dominion of Canada, now known as the Constitution Act, 1867.

Constitution Act

A set of laws and principles that establishes the makeup and operation of a government.

Civil Code

A comprehensive set of laws that govern civil transactions and disputes, typically codifying areas such as contracts, property, and family law.

Common Law

A legal system based on judicial decisions and precedents rather than statutory laws.