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 |
Homework Answers
THE ANSWER IS D) i.e., IV
Accounts which are to be reviewed are normally selected through one of the sampling methods like, random, systematic and stratified.Statistical sampling provides an objective method of determining sample size and selecting the items to be examined.Unlike non-statistical sampling, it also provides a means of quantitatively assessing precision and reliability and thereby reducing the sampling risk.
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