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Accounting 2

Part one of term paper
Statistical concepts are used in various aspects on industry. The following highlights the use of statistics in these industries: Accounting/Auditing, Insurance, and Medical (Pharmaceutical).In the accounting/auditing field, it is imperative that the auditor makes an effort to determine that financial statements are stated accurately and free ...

Part two of term paper
... through limited test work. This limited test work is based on the statistical approach of how a population reacts -- ie, a small sample of the population is generally representative of the entire population.The use of statistics provides the auditor with a tool that provides comfort in the amount of test work required to achieve ”adequate" scope coverage to meet a representative sample of the financial scope. This use of statistics provides an auditor with a lower cost approach to sub ...

Word count: 402 | Approximate pages: 2

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