The following are descriptions of how key parameters are determined in an attributes sampling plan. Using the correct letter, indicate which parameter is most closely associated with the description. Each parameter is associated with only one description.
1. Estimated based on prior audits or a pilot sample of controls | Expected population deviation rate | ____ |
2. Determined after reviewing physical representation, such as number of sales invoices processed during the year | Population size | ____ |
3. Calculated by dividing the number of deviations by the sample size | Allowance for sampling risk | ____ |
4. Calculated by subtracting the sample rate of deviation from the upper limit rate of deviation | Sample size | ____ |
5. Determined based on tolerable rate of deviation, expected population deviation rate, and the risk of overreliance | Tolerable rate of deviation | ____ |
6. Determined based on the sample size, number of deviations noted, and risk of overreliance | Upper limit rate of deviation | ____ |
7. Determined judgmentally by the auditor based on the acceptable level of control risk | Sample rate of deviation | ____ |
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