The total amount of monetary error that is found in a sample is referred to as the
A)Projected likely misstatement.
B)Tolerable misstatement.
C)Known misstatement.
D)Possible misstatement.

Question

Quizplus · Accepted Answer

The total amount of monetary error found in a sample is referred to as the "known misstatement" because it represents the actual errors identified during the audit sampling process.

The Total Amount of Monetary Error That Is Found in a Sample