Exam 10: Risk Responseaudit Sampling for Substantive Testing

An account balance is $300,000 and there are 25 items in the account, six of which have balances that equal or exceed $15,000.To ensure that all accounts with balances of at least $15,000 are selected, what would the sampling interval be?

(Short Answer)

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Question 61

The planned allowance for sampling risk is also related to _______.

(Multiple Choice)

5.0/5

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Question 62

Professional judgment is needed in applying both statistical and non-statistical sampling.

(True/False)

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Question 63

The process of selecting a sample _______.

(Multiple Choice)

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Question 64

In non-statistical sampling, _______.

(Multiple Choice)

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Question 65

When auditing a construction company, the auditor might use audit data analytics (ADA) to determine, _______.

(Multiple Choice)

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Question 66

The level of assurance that the sample is representative of the population is referred to as _______.

(Multiple Choice)

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Question 67

An allowance for sampling risk is _______.

(Multiple Choice)

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Question 68

Which of the following steps are involved in planning and executing a non-statistical sample?

(Multiple Choice)

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Question 69

In the given table, match the entities related to audit data analysis and sampling on the left with their explanations on the right.

(Essay)

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Question 70

When a customer fails to reply to a confirmation and the auditor is unable to obtain other evidence about the existence of the receivable, _______.

(Multiple Choice)

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Question 71

The use of audit sampling _______.

(Multiple Choice)

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Question 72

Non-sampling risk is typically controlled by a firm's quality control procedures and the review of audit work performed by a manager or partner on the audit team or an engagement quality control reviewer.

(True/False)

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Question 73

A/An _______ is a population that is overstated if the population of interest is understated.

(Multiple Choice)

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Question 74

The more procedures that are directed to the same audit assertion, _______.

(Multiple Choice)

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Question 75

In the given table, match the concepts on the left of the table with their details on the right.

(Essay)

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Question 76

The sampling unit in PPS (probability proportionate to size) sampling _______.

(Multiple Choice)

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Question 77

Probability Proportionate to Size (PPS) sampling is an approach that uses firm structure theory to express a conclusion in dollar amounts.

(True/False)

4.8/5

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Question 78

In non-statistical sampling, _______.

(Multiple Choice)

4.9/5

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Question 79

With respect to sample size, _______ risk of incorrect acceptance is equivalent to having a higher desired level of assurance from the sample.

(Short Answer)

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Question 80

Showing 61 - 80 of 169

An account balance is $300,000 and there are 25 items in the account, six of which have balances that equal or exceed $15,000.To ensure that all accounts with balances of at least $15,000 are selected, what would the sampling interval be?

The planned allowance for sampling risk is also related to _______.

Professional judgment is needed in applying both statistical and non-statistical sampling.

The process of selecting a sample _______.

In non-statistical sampling, _______.

When auditing a construction company, the auditor might use audit data analytics (ADA) to determine, _______.

The level of assurance that the sample is representative of the population is referred to as _______.

An allowance for sampling risk is _______.

Which of the following steps are involved in planning and executing a non-statistical sample?

In the given table, match the entities related to audit data analysis and sampling on the left with their explanations on the right.

When a customer fails to reply to a confirmation and the auditor is unable to obtain other evidence about the existence of the receivable, _______.

The use of audit sampling _______.

Non-sampling risk is typically controlled by a firm's quality control procedures and the review of audit work performed by a manager or partner on the audit team or an engagement quality control reviewer.

A/An _______ is a population that is overstated if the population of interest is understated.

The more procedures that are directed to the same audit assertion, _______.

In the given table, match the concepts on the left of the table with their details on the right.

The sampling unit in PPS (probability proportionate to size) sampling _______.

Probability Proportionate to Size (PPS) sampling is an approach that uses firm structure theory to express a conclusion in dollar amounts.

In non-statistical sampling, _______.

With respect to sample size, _______ risk of incorrect acceptance is equivalent to having a higher desired level of assurance from the sample.

Introduction and Overview of Audit and Assurance

Professionalism, Ethics and Legal Liability

Risk Assessment Part Iaudit Risk and Audit Strategy

Risk Assessment Part Iiunderstanding the Client

Audit Evidence

Understanding of the Clients System of Internal Controls

Data Analyticsoverview and Application

Risk Responseperforming Tests of Controls

Risk Responseperforming Substantive Procedures

Auditing the Revenue Cycle

Auditing the Purchases Cycle and Payroll Cycle

Auditing Cash, Inventory, Investing and Financing Activities

Completing the Audit

Reporting on the Audit

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