you are auditing kellmeg corporation, a private company. During the planning stage of the audit , preliminary control risk was set at .35 you also had the following factors when testing kellmeg internal control system.

estimated population exception rate: 3.5%

tolerable exception rate: 4.8%

during testing, 7 exceptions were found

sample size was 11,153

sampling error is + or - 1.5

what do the above results mean? include a full discussion describing any actions you would consider.