ALLOWANCE FOR SAMPLING RISK Definition

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ALLOWANCE FOR SAMPLING RISK is the difference between a sample estimate and the projected population characteristic at a specified sampling risk. This allowance
is also the difference between the expected error rate and the tolerable
deviation rate.

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EXECUTE is to carry out an internal control procedure, such as to sign and mail a check after inspecting supporting documents.

AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

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