Can you define each of the following terms?

A) Acceptable risk of assessing control risk too low (ARACR) is the risk that the auditor is willing to take of accepting a control as effective or a rate of monetary misstatements as tolerable when the true population exception rate is greater than the tolerable exception rate.

B) Computed upper exception rate (CUER) is the highest estimated exception rate in the population at a given ARACR.

C) Estimated population exception rate (EPER) is the exception rate the auditor expects to find in the population before testing begins.

D) Sample exception rate (SER) the actual rate of exception discovered in the sample.

E) Tolerable exception rate (TER) the exception rate the auditor will permit in the population and still be willing to use the assessed control risk and/or the amount of monetary misstatements in the transactions established during planning.

The terms below are defined as follows:

Acceptable risk of assessing control risk too low (ARACR). The risk the auditor is willing to take of accepting a control as effective or a rate of monetary misstatements as tolerable, when the true population exception rate is greater than the tolerable exception rate.

Computed upper exception rate (CUER) : The highest estimated exception rate in the population at a given aracr.

Estimated Population Exception Rate (EPER): The exception rate the auditor expects to find in the population before testing begins. it is necessary to plan the appropriate sample size.

Sample exception rate (SER): The actual rate of exception discovered in the sample. Itis calculated by dividing the actual number of exceptions in the sample by the sample size.

Tolerable exception rate (TER): The exception rate the auditor will permit in the population and still be willing to use the assessed control risk and/or the amount of monetary misstatements in the transactions established during planning.