INCORRECT REJECTION Definition

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INCORRECT REJECTION, in accounting, is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.

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ATTORNEY'S LETTER is signed by the client's lawyer and addressed to the auditor It is the auditor's primary means to corroborate information furnished by management about litigation, claims, and assessments.

INSTITUTIONAL INVESTOR is a bank, mutual fund, pension fund, or other corporate entity that trades securities in large volumes.

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