DETECTION RISK Definition

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DETECTION RISK is the risk that audit procedures will lead to a conclusion that material error does not exist when in fact such error does exist.

Learn new Accounting Terms

OFF-FRONT PAYMENT see UP-FRONT PAYMENT.

OFFICIAL INTEREST RATE, normally, is the rate of interest charged by the government or traders within the money market, e.g., federal funds rate and bank repurchase agreement (repo rate).

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