Question
In: Statistics and Probability
distinguish between types 1 and types 2 errors.what terms are used to describe errors when the...
distinguish between types 1 and types 2 errors.what terms are used to describe errors when the auditor is conduction tests of controls and substantive tests?what cost are potentially incurred by auditor when such decision errors occur?
Solutions
Expert Solution
P( rejecting Ho, when Ho is true ) is called as type I error.
P( accepting Ho, when Ho is false) is called as type II error.
But type I error is more serious because of consumer risk.
orchestra answered 1 year agoRelated Solutions
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