Exam 8: Specialized Audit Tools: Sampling and Generalized Audit Software

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In attribute sampling if the upper limit of the possible deviation rate exceeds the tolerable rate the auditor can rely upon the control as being effective.

(True/False)

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Question 81

When performing attribute sampling, which of the following varies directly with the sample size?

(Multiple Choice)

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Question 82

The most efficient method of testing a large population is the use of non-statistical sampling.

(True/False)

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Question 83

The audit objective of attribute sampling is to test the correctness of an account balance.

(True/False)

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Question 84

Audit sampling implies the gathering of evidence to use as a basis for making valid inferences about the characteristics of the population as a whole without examining every transaction.

(True/False)

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Question 85

Which one of the following is not a typical step used to implement an attribute sampling plan?

(Multiple Choice)

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Question 86

Using attribute sampling the auditor can test for multiple attributes using the same source documents.

(True/False)

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Question 87

Sampling and non-sampling risk. Discuss what is meant by "sampling risk" and "nonsampling risk".

(Essay)

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Question 88

Which one of the following is not a decision the auditor makes when using attribute sampling?

(Multiple Choice)

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Question 89

Sample size varies directly with sampling risk.

(True/False)

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Question 90

Monetary unit sampling (MUS) results in an efficient sample size and concentrates on the dollar value of the account balances.

(True/False)

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Question 91

Population items with zero balances have no chance of being selected using PPS sampling.

(True/False)

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Question 92

Which of the following is not considered to be non-sampling risk?

(Multiple Choice)

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Question 93

Upper Misstatement Limit. When evaluating the MUS sample results, the auditor calculates the total estimated misstatement in the account balance based on the sampling process. Describe the four components that make up this total.

(Essay)

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Question 94

Non-statistical sampling. Describe non-statistical sampling for test of account balances and how it is used by the auditor.

(Essay)

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Question 95

When confirming receivables in testing for overstatements, assume that there are few or no misstatements expected and the selection will be based on the dollar value of individual items. Which of the following is the auditor most likely to use?

(Multiple Choice)

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Question 96

The population for MUS is defined as the number of dollars in the population being tested.

(True/False)

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Question 97

MUS is based on which of following?

(Multiple Choice)

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Question 98

Sample selection. Before procedures using statistical or non-statistical sampling methods begin, the auditor must determine how the sample will be selected. Discuss the various types of sample selection, when they are used and, generally, how they are used. Give examples.

(Essay)

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Question 99

When determining sampling size in attribute sampling, which of the following is usually true?

(Multiple Choice)

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Question 100

Showing 81 - 100 of 114

In attribute sampling if the upper limit of the possible deviation rate exceeds the tolerable rate the auditor can rely upon the control as being effective.

When performing attribute sampling, which of the following varies directly with the sample size?

The most efficient method of testing a large population is the use of non-statistical sampling.

The audit objective of attribute sampling is to test the correctness of an account balance.

Audit sampling implies the gathering of evidence to use as a basis for making valid inferences about the characteristics of the population as a whole without examining every transaction.

Which one of the following is not a typical step used to implement an attribute sampling plan?

Using attribute sampling the auditor can test for multiple attributes using the same source documents.

Sampling and non-sampling risk. Discuss what is meant by "sampling risk" and "nonsampling risk".

Which one of the following is not a decision the auditor makes when using attribute sampling?

Sample size varies directly with sampling risk.

Monetary unit sampling (MUS) results in an efficient sample size and concentrates on the dollar value of the account balances.

Population items with zero balances have no chance of being selected using PPS sampling.

Which of the following is not considered to be non-sampling risk?

Upper Misstatement Limit. When evaluating the MUS sample results, the auditor calculates the total estimated misstatement in the account balance based on the sampling process. Describe the four components that make up this total.

Non-statistical sampling. Describe non-statistical sampling for test of account balances and how it is used by the auditor.

When confirming receivables in testing for overstatements, assume that there are few or no misstatements expected and the selection will be based on the dollar value of individual items. Which of the following is the auditor most likely to use?

The population for MUS is defined as the number of dollars in the population being tested.

MUS is based on which of following?

Sample selection. Before procedures using statistical or non-statistical sampling methods begin, the auditor must determine how the sample will be selected. Discuss the various types of sample selection, when they are used and, generally, how they are used. Give examples.

When determining sampling size in attribute sampling, which of the following is usually true?

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