Homework Answers
Sampling and Non-sampling Risk, both are aspect of Audit risk, that arise when an auditor perform audit on company's books. In case of sampling risk, auditor select few samples to perform audit, hence his opinion is restricted to the sample, therefore there are chances of misstatement due to nonperforming on 100% data, this is called sampling risk.
Non-sampling risk is the failure of an auditor to catch a mistake or a misstatement. This may be caused by either misinterpreting the evidence or misapplying procedures that are inappropriate.
Sampling and Non-sampling Risk's are the two sides of a coin. There are multiple methods of sampling such as Random selection, systematic selection, monetary unit sampling etc. To control the sampling risk, Systematic selection is an appropriate method.
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5. Differentiate between sampling and nonsampling risk. How are they similar? How are they differ...
differentiate between risk selection and adverse selection. disscuss how we can deal with adverse selection
differentiate between risk selection and adverse selection. disscuss how we can deal with adverse selection
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....
Explain how enzymes are able to differentiate between two molecules that have similar shapes and chemical...
Explain how enzymes are able to differentiate between two molecules that have similar shapes and chemical groups like valine and threonine.
Need help on these 2 questions, thank you. Question 5 View Policies Current Attempt in Progress...
Need help on these 2 questions, thank you.
Question 5 View Policies Current Attempt in Progress The critical difference between statistical and nonstatistical sampling is: O the required use of judgment in nonstatistical sampling. o the use of the laws of probability in statistical sampling to determine sample size and develop a confidence interval around the results of the sample. O that more representative samples are attained with statistical sampling. o the elimination of nonsampling risk with statistical sampling. Question...
Answer the Following Questions in detail 1. Differentiate between “Auditing” and “Accounting” . 2. What are...
Answer the Following Questions in detail 1. Differentiate between “Auditing” and “Accounting” . 2. What are different Types of Risks? Explain the importance of auditing in reducing information risk, the causes of information risk, and explain how this risk can be reduced. 3. What do you understand by Quality Control Standards & Practices within the Accounting Profession? 4. What do you understand by the term “Audit Report”? 5. What the 4 Categories of Audit Report? Briefly Explain 6. What is...
Differentiate between chlorophyll a and chlorophyll b. How are the two molecules structurally different and how...
Differentiate between chlorophyll a and chlorophyll b. How are the two molecules structurally different and how do their absorption spectra differ?
In the context of sampling accuracy “representation” is best described as which one of the following definitions. a) The...
In the context of sampling accuracy “representation” is best described as which one of the following definitions. a) The ability of the employed method to accurately represent the variables included in the study. b) How well the sampling procedure conforms to best practices in the extant literature. c) The accuracy by which the statistical analysis detects direct effects. d) The degree to which a sample has similar characteristics to the population in the properties that are relevant to the study.
Traditional insurance involves the pooling of similar risks and the sharing of losses. i. Explain how pooling..
Traditional insurance involves the pooling of similar risks and the sharing of losses. i. Explain how pooling arrangements reduce risk. ii. What is adverse selection? Why must insurance companies control this problem?
Differentiate the differences between descriptive, experimental, case-control, cross-sectional, ecological, and cohort-studies in relationship to epidemiological studies....
Differentiate the differences between descriptive, experimental, case-control, cross-sectional, ecological, and cohort-studies in relationship to epidemiological studies. How would you choose the correct study? Please use at least 300 words to support your answer.
How does sampling techniques differ between qualitative and quantitative research ? what are the disadvsntages and...
How does sampling techniques differ between qualitative and quantitative research ? what are the disadvsntages and advantages of these samoling techniques ? References please
Explain how enzymes are able to differentiate between two molecules that have similar shapes and chemical groups like valine and threonine.
Need help on these 2 questions, thank you.
Question 5 View Policies Current Attempt in Progress The critical difference between statistical and nonstatistical sampling is: O the required use of judgment in nonstatistical sampling. o the use of the laws of probability in statistical sampling to determine sample size and develop a confidence interval around the results of the sample. O that more representative samples are attained with statistical sampling. o the elimination of nonsampling risk with statistical sampling. Question...
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