Exam 15: Audit Sampling for Tests of Controls and Substantive Tests of Transactions

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If an auditor judgmentally selects a sample of one hundred items from a population and finds two exceptions,the auditor

(Multiple Choice)

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Question 41

Auditors base their statistical inferences on sampling distributions.

(True/False)

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Question 42

The acceptable risk of overreliance

(Multiple Choice)

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Question 43

Attributes sampling would be an appropriate method to use on which one of the following procedures in an audit program?

(Multiple Choice)

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Question 44

In using audit sampling for exception rates

(Multiple Choice)

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Question 45

The upper limit of the interval estimate is also known as the confidence interval.

(True/False)

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Question 46

What types of exceptions are auditors most concerned with when evaluating populations of accounting data?

(Essay)

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Question 47

Which is not a method used by auditors to generate random numbers?

(Multiple Choice)

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Question 48

Which of the following methods of sample selection is appropriately used when selecting a random sample?

(Multiple Choice)

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Question 49

There is a(n)________ relationship between acceptable risk of overreliance and planned sample size.

(Multiple Choice)

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Question 50

When defining the population,

(Multiple Choice)

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Question 51

To determine if a sample is truly representative of the population,an auditor would be required to

(Multiple Choice)

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Question 52

An auditor can increase the likelihood that a sample is representative by using care in

(Multiple Choice)

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Question 53

When the sample exception rate (SER)exceeds the tolerable exception rate (TER),the auditor should decide whether to increase sample size or to revise assessed control risk on the basis of cost versus benefit.

(True/False)

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Question 54

If the result obtained from a particular sample for control and substantive tests of transactions is critical to the formation of an audit opinion,which of the following is the most important to the auditor in concluding of the appropriateness and sufficiency of evidence gathered?

(Multiple Choice)

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Question 55

Which of the following is a correct statement regarding probabilistic versus nonprobabilistic sample selection?

(Multiple Choice)

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Question 56

When auditors wish to evaluate a sample statistically,an acceptable selection method is:

(Multiple Choice)

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Question 57

If an auditor does a test in the wrong direction,sampling risk will increase.

(True/False)

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Question 58

Directed sample selection,block sample selection,and haphazard sample selection are three types of probabilistic sample selection methods.

(True/False)

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Question 59

What is the key advantage and disadvantage associated with systematic sample selection? How must auditors address this disadvantage?

(Essay)

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Question 60

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Exam 15: Audit Sampling for Tests of Controls and Substantive Tests of Transactions

If an auditor judgmentally selects a sample of one hundred items from a population and finds two exceptions,the auditor

Auditors base their statistical inferences on sampling distributions.

The acceptable risk of overreliance

Attributes sampling would be an appropriate method to use on which one of the following procedures in an audit program?

In using audit sampling for exception rates

The upper limit of the interval estimate is also known as the confidence interval.

What types of exceptions are auditors most concerned with when evaluating populations of accounting data?

Which is not a method used by auditors to generate random numbers?

Which of the following methods of sample selection is appropriately used when selecting a random sample?

There is a(n)________ relationship between acceptable risk of overreliance and planned sample size.

When defining the population,

To determine if a sample is truly representative of the population,an auditor would be required to

An auditor can increase the likelihood that a sample is representative by using care in

When the sample exception rate (SER)exceeds the tolerable exception rate (TER),the auditor should decide whether to increase sample size or to revise assessed control risk on the basis of cost versus benefit.

If the result obtained from a particular sample for control and substantive tests of transactions is critical to the formation of an audit opinion,which of the following is the most important to the auditor in concluding of the appropriateness and sufficiency of evidence gathered?

Which of the following is a correct statement regarding probabilistic versus nonprobabilistic sample selection?

When auditors wish to evaluate a sample statistically,an acceptable selection method is:

If an auditor does a test in the wrong direction,sampling risk will increase.

Directed sample selection,block sample selection,and haphazard sample selection are three types of probabilistic sample selection methods.

What is the key advantage and disadvantage associated with systematic sample selection? How must auditors address this disadvantage?

The Demand for Audit and Other Assurance Services

The Cpa Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Audit Planning and Analytical Procedures

Materiality and Risk

Fraud Auditing

Internal Control and Coso Framework

Assessing Control Risk and Reporting on Internal Controls

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls,

Completing the Tests in the Acquisition and Payment Cycle:

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

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