Multiple Choice
While performing a substantive test of details during an audit, the auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was, in fact, not materially misstated. Such a situation illustrates the risk of:
A) incorrect rejection.
B) incorrect acceptance.
C) assessing control risk too high.
D) assessing control risk too low.
Correct Answer:
Verified
Correct Answer:
Verified
Q11: In a monetary-unit sample with a sampling
Q12: An auditor is performing substantive procedures of
Q13: Summarize the concept behind monetary-unit sampling (MUS).
Q14: In statistical or nonstatistical sampling methods used
Q15: The size of the upper limit on
Q17: An accounts receivable account balance is $500,000
Q18: Monetary-unit sampling is said to eliminate the
Q19: Match the following.<br>-MUS misstatement<br>A)an individual dollar<br>B)the total
Q20: The confidence factor for nonstatistical sampling is
Q21: Match the following.<br>-MUS Upper misstatement limit<br>A)an individual