In assessing sampling risk, the risk of incorrect rejection and the risk of assessing control risk too high relate to the efficiency of the audit.
Auditors can control and measure the sampling risk if the statistical sampling is utilized in determining sample size and selecting the sample terms. during this case, auditors can measure what quantity the prospect they face and control it by either increase or decrease sample size to possess a cheap low risk.
The risk of incorrect rejection arises when a sample indicates that there is a risk of material misstatement when this is often often not actually the case.
An auditor encountering this issue will expand the sample size or committed in other testing, though doing so decreases the efficiency of the audit work.
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