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

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In using MUS,once the auditor has determined the sample size,which of the following is needed to determine the sampling interval?

(Multiple Choice)

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Question 81

When evaluating an MUS sample,if the auditor finds no misstatements in the sample,the misstatement projection is zero dollars,and the total estimated misstatement will equal the projected misstatement for items in lower-stratum.

(True/False)

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Question 82

Statistical sampling assists auditors in determining the sufficiency of evidence gathered.

(True/False)

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Question 83

Which of the following is a factor that the auditor should consider when choosing between nonstatistical and statistical sampling?

(Multiple Choice)

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Question 84

Which of the following statistical sampling methods is most commonly used to test control procedures?

(Multiple Choice)

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Question 85

Either nonstatistical or statistical sampling is appropriate for substantive tests of details.

(True/False)

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Question 86

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

(Multiple Choice)

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Question 87

Blockchain is a rapidly evolving phenomenon that is useful in recording which of the following types of transactions?

(Multiple Choice)

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Question 88

Extracting data from the client's computer system is one of the tasks that can be performed by data analytics tools.

(True/False)

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Question 89

Which one of the following is a decision the auditor makes when using attributes sampling?

(Multiple Choice)

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Question 90

Projected misstatements are developed by extrapolation from the misstatements in sample items to the population.

(True/False)

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Question 91

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

(True/False)

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Question 92

The tolerable misstatement is the level of misstatement the auditor expects to detect in the population.

(True/False)

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Question 93

Random number,haphazard selection,and block sampling are acceptable sample selection methods for nonstatistical sampling.

(True/False)

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Question 94

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 95

Attributes sampling for testing controls should only be done by the auditor at the end of the fiscal period under audit.

(True/False)

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Question 96

Simple random sampling,systematic sampling,and block sampling are acceptable sample selection methods for statistical sampling.

(True/False)

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Question 97

In selecting a sample for attributes testing,haphazard selection involves which of the following approaches?

(Multiple Choice)

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Question 98

Which of the following is a factor of nonsampling risk?

(Multiple Choice)

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Question 99

Sampling risk deals with which of the following?

(Multiple Choice)

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Question 100

Showing 81 - 100 of 117

In using MUS,once the auditor has determined the sample size,which of the following is needed to determine the sampling interval?

When evaluating an MUS sample,if the auditor finds no misstatements in the sample,the misstatement projection is zero dollars,and the total estimated misstatement will equal the projected misstatement for items in lower-stratum.

Statistical sampling assists auditors in determining the sufficiency of evidence gathered.

Which of the following is a factor that the auditor should consider when choosing between nonstatistical and statistical sampling?

Which of the following statistical sampling methods is most commonly used to test control procedures?

Either nonstatistical or statistical sampling is appropriate for substantive tests of details.

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

Blockchain is a rapidly evolving phenomenon that is useful in recording which of the following types of transactions?

Extracting data from the client's computer system is one of the tasks that can be performed by data analytics tools.

Which one of the following is a decision the auditor makes when using attributes sampling?

Projected misstatements are developed by extrapolation from the misstatements in sample items to the population.

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

The tolerable misstatement is the level of misstatement the auditor expects to detect in the population.

Random number,haphazard selection,and block sampling are acceptable sample selection methods for nonstatistical sampling.

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

Attributes sampling for testing controls should only be done by the auditor at the end of the fiscal period under audit.

Simple random sampling,systematic sampling,and block sampling are acceptable sample selection methods for statistical sampling.

In selecting a sample for attributes testing,haphazard selection involves which of the following approaches?

Which of the following is a factor of nonsampling risk?

Sampling risk deals with which of the following?

Quality Auditing: Why It Matters

The Auditors Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and Corporate Governance

Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditor

Professional Legal Liability

Professional Auditing Standards and the Audit Opinion Formulation Process

Audit Evidence

Planning the Audit: Identifying and Responding to the Risks of Material Misstatement

Auditing the Revenue Cycle

Auditing Cash and Marketable Securities

Auditing Inventory, Goods and Services, and Accounts Payable: the Acquisition and Payment Cycle

Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal

Auditing Long-Term Liabilities and Stockholders Equity Transactions

Completing a Quality Audit

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