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James and Elizabeth are discussing misstatements one day during lunch at an audit client's office. James tells Elizabeth that he spent the morning learning about

James and Elizabeth are discussing misstatements one day during lunch at an audit client's office. James tells Elizabeth that he spent the morning learning about tolerable misstatements as part of audit samples. Elizabeth is intrigued and asks James to explain exactly what this means. Which of the following responses by James would be MOST appropriate

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