Michelle Mendiola
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Audit Sampling

Audit Sampling

Frage 1 von 15

1

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In assessing sampling risk, the risk of incorrect rejection and the risk of assessing control risk too high relate to the

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Frage 2 von 15

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If the achieved allowance for sampling risk of a statistical sample at a given reliability level is greater than the desired range, this is an indication that the standard deviation .

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Frage 3 von 15

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Auditor initially planned to use unrestricted random sampling with replacement when testing AR. Later, the auditor decided to use unrestricted random sampling without replacement. As a result only of this decision, the sample size should .

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Frage 4 von 15

1

In which of the following cases would the auditor be most likely to conclude that all of the items in an account under consideration should be examined rather than tested on a sample basis?

Wähle eine der folgenden:

  • The measure of Error frequency is
    tolerable error is expected to be

    Large Low

  • Small High

  • Large High

  • Small Low

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Frage 5 von 15

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An advantage of using statistical sampling is that such techniques .

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Frage 6 von 15

1

In comparison with probability-proportional-to-size (PPS) sampling, which of the following is an advantage of classical variables sampling in auditing?

Wähle eine der folgenden:

  • If no errors are expected, classical variables sampling usually results in a smaller sample size than PPS sampling

  • A classical variables sample can be designed more easily and sample selection can begin before the complete population is available

  • If there are many individual differences between recorded and audited amounts in the population, classical variables sampling may result in a smaller sample size

  • Classical variables sampling automatically results in a stratified sample because items are selected in proportion to their dollar amounts

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Frage 7 von 15

1

In a variables sampling plan, an auditor must generally consider each of the following except

Wähle eine der folgenden:

  • Variation within the population.

  • Acceptable risk of incorrect acceptance.

  • Tolerable error.

  • Population size.

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Frage 8 von 15

1

In assessing the risk of incorrect acceptance, an auditor should consider each of the following except

Wähle eine der folgenden:

  • Audit risk.

  • The risk that internal control structure fails to detect material errors that occur.

  • Tolerable error.

  • The risk that analytical procedures and other tests fail to detect material errors that occur and that are not detected by internal control.

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Frage 9 von 15

1

An auditor is evaluating the results of a variables sampling plan. Which of the following is not relevant to the auditor's judgment about the sample?

Wähle eine der folgenden:

  • Management's explanations for why errors in the sample occurred

  • Projecting the sample error to the population

  • Considering the effects of sampling risk

  • Qualitative information that lends insight into errors found

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Frage 10 von 15

1

Several conditions must be met before an auditor applies either difference or ratio estimation. Which of the following is not one of these conditions?

Wähle eine der folgenden:

  • Each population item must have a recorded book value

  • The auditor must not expect understatement errors

  • Total population book value must be known and must correspond to the sum of all individual population items

  • Expected differences between audited and recorded book values must not be too rare

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Frage 11 von 15

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An auditor is applying a difference estimation sampling plan. Assuming the risk of incorrect rejection is .10, and the risk of incorrect acceptance is .05, what is the ratio of desired allowance for sampling risk to tolerable error?

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Frage 12 von 15

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Auditor is applying a difference estimation sampling plan. Assuming
.1 acceptable risk of incorrect rejection, .05 acceptable risk of incorrect acceptance, and $100,000 tolerable error, what is the auditor's desired allowance for sampling risk?

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Frage 13 von 15

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An auditor is applying a difference estimation sampling plan. Recorded book value is $1,000,000, and the auditor estimates a $75,000 understatement difference. In this case, the auditor's estimated population value is

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Frage 14 von 15

1

An auditor is applying mean-per-unit estimation. Assuming estimated audited value is $950,000, the achieved allowance for sampling risk is $75,000, and recorded book value is $925,000, what is the auditor's conclusion?

Wähle eine der folgenden:

  • Recorded book value is not likely misstated by a material amount.

  • Recorded book value is misstated by a material amount.

  • Recorded book value is not likely misstated by a material amount, assuming the client records an adjusting journal entry equal to the allowance for sampling risk.

  • There is insufficient evidence to reach a conclusion.

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Frage 15 von 15

1

In comparison with classical variables sampling, which of the following is an advantage of probability-proportional-to-size (PPS) sampling?

Wähle eine der folgenden:

  • PPS sampling automatically results in a stratified sample

  • PPS sampling results in a smaller sample size if many differences are expected between audited and recorded amounts

  • PPS sampling is particularly appropriate when understatement errors are expected

  • PPS sampling is less likely to overstate the allowance for sampling risk when errors are found in the sample

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