Either nonstatistical or statistical sampling is appropriate for substantive tests of details. a. True b....
Either nonstatistical or statistical sampling is appropriate for substantive tests of details.
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a. |
True |
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|
b. |
False |
Homework Answers
False.
Statistical sampling is appropriate for substantive tests of details.
It helps in finding out misstatements in account or class of transactions.
Non statistical sampling is not appropriate for substantive test of details.
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Either nonstatistical or statistical sampling is appropriate for substantive tests of details. a. True b....
20. While auditors may use either statistical or nonstatistical sampling, some auditors restrict the use of...
20. While auditors may use either statistical or nonstatistical sampling, some auditors restrict the use of nonstatistical sampling for what reason? a. It is less effective. b. It is less objective. c. It is less efficient. d. It is less risky
Which of the following statements is a valid criticism of nonstatistical sampling? Nonstatistical sampling does not...
Which of the following statements is a valid criticism of nonstatistical sampling? Nonstatistical sampling does not differ substantially from statistical sampling methods. The cost of performing random selection or testing often exceeds the benefits. Conclusions may be drawn in more precise ways when using statistical sampling methods. Many audit tests, such as footing of journals, must be performed outside a statistical sampling context.
1. a. Explain what we mean by the term substantive tests of transactions. Describe steps auditors...
1. a. Explain what we mean by the term substantive tests of transactions. Describe steps auditors use to plan and execute a test of details. b. Describe samples of risk and tests for audit objectives for accounts receivable. c. Explain what is meant by the term Monetary Unit Sampling. d. Describe the options auditors have in responding to sample results that indicate that auditee's balances are misstated.
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...
statement bounds expressed in monetary use the statistical inference process QUESTIONS 17-1 (OBJECTIVE 17-1) What major...
statement bounds expressed in monetary use the statistical inference process QUESTIONS 17-1 (OBJECTIVE 17-1) What major difference between (a) tests of controls and substantive tests of transactions and (b) tests of details of balances makes attributes sampling inappro priate for tests of details of balances? 17-2 (OBJECTIVE 17-2) Define stratified sampling and explain its importance in auditing How can an auditor obtain a stratified sample of 30 items from each of three strata in the confirmation of accounts receivable? 17-3...
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
Which of the following statistical tests would be appropriate to perform on the data in the...
Which of the following statistical tests would be appropriate to perform on the data in the table depicted here? Females Males Total Agree Disagree 25 36 129 37 45 Total 61 21 2 8 Goodness of Fit test Test for Independence Parametric test of significance C Z -test T-test
For the following experiment/question, pick the most appropriate statistical test. You have the following statistical tests...
For the following experiment/question, pick the most appropriate statistical test. You have the following statistical tests as choices: some may be used more than once, others not at all. Assume homogeneity of variance (where applicable) and the validity of parametric tests (where applicable), unless something is directly stated (e.g., “the data are not at all normal”) or otherwise indicated (viz., by the inspection of the data) which would indicate a strong and obvious violation of an assumption. This means you must...
1. “How much does a 5-pound bag of potatoes weigh” is an appropriate statistical question. True...
1. “How much does a 5-pound bag of potatoes weigh” is an appropriate statistical question. True or False with a rational course textbook is Epidemiology for Advanced Nursing Practice I am so stuck on this question and seem to keep finding contradicting rationals, please help :)
a. Attributes Sampling nonstatistical Stratificatio Samplin Allowanc e for sampling ri signed & liquid assets h...
a. Attributes Sampling nonstatistical Stratificatio Samplin Allowanc e for sampling ri signed & liquid assets h safe Company compensatio n balance deposit box 11. Inherent in the use of sampling is risk which is the possibility of selecting a sample that is not representative of the population 12. When the auditors estimated sampling risk using professional judgement rather than by using the laws of probability, they are said to be using sampling 13. The term _refers to the process of...
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...
statement bounds expressed in monetary use the statistical inference process QUESTIONS 17-1 (OBJECTIVE 17-1) What major difference between (a) tests of controls and substantive tests of transactions and (b) tests of details of balances makes attributes sampling inappro priate for tests of details of balances? 17-2 (OBJECTIVE 17-2) Define stratified sampling and explain its importance in auditing How can an auditor obtain a stratified sample of 30 items from each of three strata in the confirmation of accounts receivable? 17-3...
Which of the following statistical tests would be appropriate to perform on the data in the table depicted here? Females Males Total Agree Disagree 25 36 129 37 45 Total 61 21 2 8 Goodness of Fit test Test for Independence Parametric test of significance C Z -test T-test
a. Attributes Sampling nonstatistical Stratificatio Samplin Allowanc e for sampling ri signed & liquid assets h safe Company compensatio n balance deposit box 11. Inherent in the use of sampling is risk which is the possibility of selecting a sample that is not representative of the population 12. When the auditors estimated sampling risk using professional judgement rather than by using the laws of probability, they are said to be using sampling 13. The term _refers to the process of...
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