The following are statements or examples related to audit sampling applications. Indicate, using the correct letter, which concept is most closely associated with the statement or example. Each concept may be related to more than one statement or example.
A. Statistical sampling
B. Nonstatistical sampling
C. Sampling risk
D. Nonsampling risk
____ 1. C. Jones, CPA, selected a sample and evaluated the results of her sample using the laws of probability.
____ 2. G. Wilson, CPA, checked to see if any signature was in the credit approval box on a sample of sales orders rather than looking for only authorized signatures.
____ 3. Based on a statistical sample, M. Jackson, CPA, concluded that the client’s control was functioning effectively when the deviation rate in the population was actually unacceptable.
____ 4. I. Barnum, CPA, selected all invoices over $1,000 and all invoices recorded on the 15th of each month for his sample.
____ 5. When a client could not produce an invoice for a sample selected by the auditor, the auditor accepted the client’s assurance that the invoice contained the appropriate approval.
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