Risks of sampling in tests of controls Define the following terms as they relate to sampling for tests of controls: 1 . tolerable failure rate 2 . expected failure rate
Tolerable failure rate is the level at which the control's failure to operate would cause the auditor to conclude that the control is not effective and would likely change the auditor's planned assessment of control risk in performing tests of account balances
Expected failure rate is an anticipation of the deviation rate in the entire population.
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The movement or transfer of work from the customer through the organization is referred to as?
a. Work allocation b. Work flow c. Work movement d. Work share
QFD ______.
a. stands for quality function development b. is a method companies use to translate customers’ wants and needs into product or service features c. was introduced by Henry Ford d. applies to assembly line manufacturing
In 1976, RCRA was enacted by Congress:
A) to provide a comprehensive scheme of treatment for hazardous solid waste. B) and it requires the EPA to establish a manifest system to be used by generators of hazardous waste. C) Both of these. D) Neither of these.
Which of the following is not a key financial manager in an organization?
A. Chief financial officer B. Treasurer C. Controller D. External auditor