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

Part two of term paper
... 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 substantiate accuracy -- this is impo ...