The answer is... you can have any tolerances you want. As long as the architect is OK with it (not going pass the set back, issue with something) and the structure is structuraly sound. Then of course depending on how much the tolerance is (i have no idea since you dont want to provide that information), you need to make sure the steel shop drawing is good enough for the tolerance. If its all wood, then its not a problem since you can field measure it. If I was the homeowner, and it is a basement wall (once again, i have no idea since you wont give out that information either), then it is up to him. Good luck!
P.S. It doesnt hurt to to give out the "irrelevant questions". A lot of gray area in this field.
Never, but never question engineer's judgement