When auditors wish to evaluate a sample statistically, an acceptable selection method is: systematic sample selection....
When auditors wish to evaluate a sample statistically, an acceptable selection method is: systematic sample selection. judgmental selection. block sample selection. haphazard selection.
Homework Answers
Answer is SYSTEMATIC SAMPLE SELECTION.
Systematic sampling is a statistical method of selecting the elements from a sampling framework.
Systematic sampling is a probability sampling method in which the elements are chosen from a target population by selecting a random starting point and selecting other members after a fixed ‘sampling interval’. It is calculated by dividing the entire population size by the desired sample size.
Steps in systematic sampling:
1. Outline the target population. It means define the target population.
2. Determine sample size.
3. Establishing the objects of the audit program.
4. Establishing and assessing the possible errors.
5. Define sampling units.
6. Select the sample and conduct test.
7. Assess the result
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When auditors wish to evaluate a sample statistically, an
acceptable selection method is: systematic sample selection....
5 The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
What is the selection probability for each unit based on the systematic sample technique? (Population size...
What is the selection probability for each unit based on the systematic sample technique? (Population size = N, sample size = n, k =N/n）What is the weight for each unit?
4 The following information applies to the questions displayed below) The auditors of Landi Corporation wish...
4
The following information applies to the questions displayed below) The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the reasonableness of the accounts receivable. Landi has 12.400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the...
1. Review the criteria for a successful selection method: reliable, valid, generalizable, practical, and legal. Evaluate...
1. Review the criteria for a successful selection method: reliable, valid, generalizable, practical, and legal. Evaluate how Gild’s algorithm address or should address criteria.
Which of the following statements is most correct with respect to the evaluation of nonprobabilistic sample...
Which of the following statements is most correct with respect to the evaluation of nonprobabilistic sample results? It is acceptable to make nonprobabilistic evaluations only if the auditor cannot quantify sampling risk. All of the above are correct. It is acceptable to make nonprobabilistic evaluations only when probabilistic sample selection is used. It is never acceptable to evaluate a nonprobabilistic sample using statistical methods.
Is NPV an acceptable method when comparing two mutually exclusive projects?
Is NPV an acceptable method when comparing two mutually exclusive projects?
When is it acceptable to use the direct write-off method to account for uncollectible accounts? O...
When is it acceptable to use the direct write-off method to account for uncollectible accounts? O When the expected bad debts are not significant O When the company pledges its accounts receivables O When the expected bad debts are significant O It is never acceptable to use the direct write-off method under GAAP O When the company sells its accounts receivables The advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and better...
The auditors principal objective when using a sample of tests of details of balances is whether...
The auditors principal objective when using a sample of tests of details of balances is whether the: controls being tested are operating effectively. transactions being audited are free of misstatements. account balance being audited is fairly stated. transactions and account balances being audited are fairly stated.
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6:Why is it important to promote a sample of names not meeting the selection criteria when rolling out with a new selection criteria?
Method #3: Systematic Random Sample Pick a number at random from 1-10. Then sample every 10th...
Method #3: Systematic Random Sample Pick a number at random from 1-10. Then sample every 10th household af ter that, For exomple, your sample could be H-holds #3, 13, 23, 33, 43, 93, Go ahead and try this. No, of residents sample mean Method #4: Simple Random Sample Select 10 households at random from the 100. The random selection can be accomplished in several ways. You could put the numbers 1-100 in a "hat" and draw 10 out at randorn,...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
4
The following information applies to the questions displayed below) The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the reasonableness of the accounts receivable. Landi has 12.400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the...
When is it acceptable to use the direct write-off method to account for uncollectible accounts? O When the expected bad debts are not significant O When the company pledges its accounts receivables O When the expected bad debts are significant O It is never acceptable to use the direct write-off method under GAAP O When the company sells its accounts receivables The advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and better...
Method #3: Systematic Random Sample Pick a number at random from 1-10. Then sample every 10th household af ter that, For exomple, your sample could be H-holds #3, 13, 23, 33, 43, 93, Go ahead and try this. No, of residents sample mean Method #4: Simple Random Sample Select 10 households at random from the 100. The random selection can be accomplished in several ways. You could put the numbers 1-100 in a "hat" and draw 10 out at randorn,...
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