Which of the following is used in attribute sampling to determine the sample size? a) Sampling...
Which of the following is used in attribute sampling to determine the sample size?
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Homework Answers
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Which of the following is used in attribute sampling to
determine the sample size?
a)
Sampling...
Chapter 9 Audit Sampling 1.Three factors that determine the sample size are the risk of assessing...
Chapter 9 Audit Sampling 1.Three factors that determine the sample size are the risk of assessing control risk too high, tolerable deviation rate, and the expected population deviation rate. a. True b.False 2.While performing a substantive test of details during an audit, the auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was, in fact, not materially misstated. This situation illustrates the risk of a. Incorrect rejection b. Incorrect acceptance c....
Using tables 8-5 and 6-6 in your textbook, determine the sample size for each of the control proc...
Using tables 8-5 and 6-6 in your textbook, determine the sample size for each of the control procedures shown in the following table (assuming a very large population): Control Procedure #3 10% 7% 3% #4 10% 8% 4% #2 #1 5 % 4% 1% Parameters Risk of incorrect acceptance Tolerable deviation rate Expected population deviation rate 5% 2% Sample sizes: Control Procedure1 Control Procedure 2 Control Procedure 3 Control Procedure 4
Using tables 8-5 and 6-6 in your textbook, determine...
Consider the following statements regarding sampling. Which of the following are true statements? I. Attribute sampling...
Consider the following statements regarding sampling. Which of the following are true statements? I. Attribute sampling is appropriate when estimating the “true” monetary value of an account balance. II. A haphazardly selected sample may be used with attribute sampling techniques. III. Judgmental sampling typically yields larger sample sizes than statistical sampling. IV. Statistical sampling allows the auditor to quantify and control for sampling risk. I, IV II, III I, III, IV IV
Non-Stat Sampling Problem You have been assigned to determine if the stated value of inventory is...
Non-Stat Sampling Problem You have been assigned to determine if the stated value of inventory is within tolerable limits. We show a ledger balance of $1,725,882 which contains 1,734 records. We wish to limit audit risk with a tolerable misstatement amount of 6%. We have done similar audit procedures for the last five years and have noted a small error rate and believe a nonstatistical sample will provide sufficient appropriate audit evidence. Planning 1. Objective – 2. Determine the population...
Which of the following describes sampling risk? a. The sample will not contain characteristics representative of...
Which of the following describes sampling risk? a. The sample will not contain characteristics representative of the population such that inferences made about that population will be incorrect. b. The population will not contain characteristics representative of the sample such that inferences made about that sample will be incorrect. c. The auditor incorrectly applies sampling methodology. d. The sample size will be larger than needed.
Which of the following is not correct? For samples of any size N, the sampling distribution...
Which of the following is not correct? For samples of any size N, the sampling distribution of the mean _____. a. has a mean equal to the mean of the raw-score population. b. is normally shaped, depending on the shape of the raw-score population and on the sample size, N. c. has a standard deviation equal to the standard deviation of the raw-score population divided by N. d. is a distribution of scores, each score of which is a sample...
1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and...
1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll or Accounts Payable where data analytics could be used by an Internal...
For each of the following independent statements, state whether you agree or disagree with the statement...
For each of the following independent statements, state whether you agree or disagree with the statement and explain your answer. Required a. The tolerable deviation rate varies inversely with sample size. b. Inspection of signatures on time cards is an example of attribute sampling. c. Sampling error occurs when an auditor incorrectly interprets the results of the sample. d. Statistical and non statistical sampling allow the auditor to quantify sampling risk. e. It is the...
A sampling distribution is constructed based on a sample size of 25. If the sampling distribution...
A sampling distribution is constructed based on a sample size of 25. If the sampling distribution has a mean of 500 and a standard error of 15, what is the standard deviation of the original comparison population? A. 60 B. 75 C. 30 D. 50
Which of the following does not have to be considered in determining the initial sample size...
Which of the following does not have to be considered in determining the initial sample size of a test of details? Acceptable risk of incorrect rejection Acceptable audit risk Estimate of misstatements in the population Tolerable misstatement
Using tables 8-5 and 6-6 in your textbook, determine the sample size for each of the control procedures shown in the following table (assuming a very large population): Control Procedure #3 10% 7% 3% #4 10% 8% 4% #2 #1 5 % 4% 1% Parameters Risk of incorrect acceptance Tolerable deviation rate Expected population deviation rate 5% 2% Sample sizes: Control Procedure1 Control Procedure 2 Control Procedure 3 Control Procedure 4
Using tables 8-5 and 6-6 in your textbook, determine...
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