Assume your audit plan requires observing at least one deviation at a specified critical rate of deviation,
Question:
Assume your audit plan requires observing at least one deviation at a specified critical rate of deviation, and the expected rate of occurrence is zero. Population size is 7,750, the critical rate of deviation is .01, and the desired probability of observing one deviation is 98 percent.
Required:
1. Determine sample size.
2. What would be your statistical conclusion if no deviations are observed?
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