What would most appropriately describe the risk of incorrect rejection in terms

MCQ Practice

What would most appropriately describe the risk of incorrect rejection in terms of substantive testing?

Subject: AuditingTopic: Auditing

The auditor concludes balance is materially correct when in actual fact it is not

The auditor concludes that the balance is materially misstated when in actual fact it not

The auditor has rejected an item for sample which was material

None of the above

Correct Answer: B