Exam 10: Risk Responseaudit Sampling for Substantive Testing

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The choice of statistical or non-statistical sampling affects the selection of procedures or the competence of evidence obtained about individual sample items.

(True/False)

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Question 161

What is systematic selection?

(Multiple Choice)

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Question 162

In an accounts receivable sample with a sampling interval of $5,000, an auditor identifies a recorded amount of $10,000 which has an audited amount of $8,000.If this was the only error that the auditor discovered, what would the projected misstatement for this sample be?

(Short Answer)

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Question 163

The risk accepted by the auditor with respect to the sample not being representative of the population is known as _______.

(Multiple Choice)

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Question 164

When either the auditor's quantitative (statistical) or qualitative assessments of sample results support the conclusion that the population is materially misstated, _______.

(Multiple Choice)

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Question 165

Non-sampling risk is typically controlled by _______.

(Multiple Choice)

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Question 166

The risk of incorrect acceptance has _______.

(Multiple Choice)

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Question 167

The choice of statistical or non-statistical sampling _______.

(Multiple Choice)

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Question 168

It is common to use audit sampling _______.

(Multiple Choice)

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Question 169

Showing 161 - 169 of 169

The choice of statistical or non-statistical sampling affects the selection of procedures or the competence of evidence obtained about individual sample items.

What is systematic selection?

In an accounts receivable sample with a sampling interval of $5,000, an auditor identifies a recorded amount of $10,000 which has an audited amount of $8,000.If this was the only error that the auditor discovered, what would the projected misstatement for this sample be?

The risk accepted by the auditor with respect to the sample not being representative of the population is known as _______.

When either the auditor's quantitative (statistical) or qualitative assessments of sample results support the conclusion that the population is materially misstated, _______.

Non-sampling risk is typically controlled by _______.

The risk of incorrect acceptance has _______.

The choice of statistical or non-statistical sampling _______.

It is common to use audit sampling _______.

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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