Exam 6: Sampling and Overview of the Risk Response Phase of the Audit

Which audit assertion does the audit procedure of obtaining a confirmation from selected accounts receivable of amounts owed to the audit client relate to?

A range of sampling techniques are available to auditors. Evaluate the advantages and disadvantages of the major techniques.

An increase in the number of sampling units in the population will result in a decrease in the sample size.

Which assertion does the objective that transactions and events have been recorded in the correct accounting period relate to?

When conducting detailed substantive procedures, auditors search for evidence that

Henrietta Lombardi assessed control risk to be low. What is the appropriate audit strategy to adopt?

Tests of controls are conducted to

Non-sampling risk arises when an auditor

What impact will there be on sample size when there is an increase in the number of sampling units in the population?

Block selection involves the selection of items that are grouped together within the population of items available.

Tests of controls are conducted to establish that

Substantive procedures or tests can be described as

Michael Fernandez has decided to perform substantive procedures at a major retailer. Which one of the following is not a substantive procedure?

Which audit objective does the recalculation of the wages payable amount address?

If the total projected error in an account balance was $3,248 and the tolerable error was set at $10,000, the auditor would

Daniel Beauchamp did not perform a true sample when he went to his client to examine sales invoices. He did not use any specific method for choosing the invoices. He let his eye Catch the items he thought might make up his sample. What technique did he use?