Acceptable risk of overreliance is the risk that the auditor is willing to take in accepting a control as effective when the true population exception rate is greater than the estimated population exception rate
Indicate whether the statement is true or false
FALSE
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Which of the following statements does NOT apply to the North American Industry Classification System (NAICS)?
A) NAICS is a numerical coding of industries developed by NAFTA countries. B) NAICS can be used by firms to assess potential markets. C) NAICS replaced the Standard Industrial Classification (SIC) system. D) NAICS can be used to find new customers. E) NAICS is a consumer buying directory for North America.
A shareholder has a right to have the shareholder resolution included in the corporation's proxy materials if it ________
A) does not relate to the corporation's business B) does not concern the payment of dividends C) concerns the day-to-day operations of the corporation D) does not concern a policy issue