An auditor typically selects samples when testing controls. What are some factors that affect the sample sizes used when testing controls?

Q: Accounting analyse the impact the discovery of control deficiencies will have on the approach to…

A: Sampling is the process of picking a specific number of observations from a larger population in…

Q: You and a friend are studying audit sampling together. Your friend is having a hard time…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Define variables sampling and understandwhen it is used in the audit.

A: Variable sampling is a sampling process used by auditors to enumerate the value of a specific…

Q: Discuss the differences between a first-party, second-party, and third-party audit.

A: The first-party audit is also known as internal audits. This is performed by internal audit…

Q: Ordinarily, risk assessment procedures do not involve the use of audit sampling. However, the…

A: The purpose of audit risk assessment is to gain a better understanding of Organisation and its…

Q: Explain how the following test of control will affect the sample size? a. An increase in the extent…

A: a. An increase in the extent to which the auditor's risk assessment takes into account relevant…

Q: ow to select appropriate audit samplin

A: Answer: Audit sampling is the process of auditing of any financials on sample basis. There are…

Q: Audit sampling for tests of controls is generally appropriate when the application of the control…

A: Solution:- Introduction:- Audit sampling may be defined as ‘the application of audit procedures to…

Q: For both tests of controls and substantive tests of details, non-sampling risk can be reduced by…

A: Solution Concept Sampling risk               Sampling refers to the examination of the sample from…

Q: The type of sampling most frequently used by auditors during their study of internal control is…

A:

Q: What is the tolerable rate of deviation? How does the audit team use it when deciding whether torely…

A: Tolerable rate of deviation: Tolerable rate of deviation is the maximum rate of deviation is used by…

Q: What is lapping? What procedures can auditors employ to detect lapping?

A: Lapping: It refers to a type of accounting fraud that involves the hiding of misappropriated or…

Q: Which of the following steps involved with determining the upper limit on misstatements is…

A: Determine the audited value of the item and compare it to the recorded balance is step involved with…

Q: What is the purpose of sampling in auditing? Why is it relevant in performing test of controls and…

A: Audit sampling is an investigative technique in which a sample of fewer than 100% of the total items…

Q: Which of the following factors used to determine sample size is normally based on the extentto which…

A: Sampling: Sampling allows an individual obtain the information about the population of interest in…

Q: What are the types of audit procedures used during substantive testing, briefly explain them.

A: Substantive testing is indeed an auditing method that looks for mistakes in financial statements and…

Q: Which of the following is the exception rate that the auditor expects to find before testing?…

A: The expected population exception rate represents the exception rate that has been predicted in…

Q: Describe to what extent statistical sampling enhances the quality of the audit evidence.

A: Audit evidence is the evidence collected by an auditor during an audit which will form part of his…

Q: d consider whendetermining the size of a sample. (d) Describe to what extent statistical sampling…

A: Auditing: It is the examination of books of accounts of the company with the view to represent a…

Q: Tolerable error, is the maximum monetary error that the auditor is prepared to accept in the…

A: Materiality is an concept in audit where it plays an key role during the audit process in…

Q: sampling plans focus on a. Rates of deviation from prescribed control procedures. b. Assessing the…

A: variable sampling is the process that is used in order to predict the value of specific variable…

Q: Explain how judgement is used in statistical and non-statistical sampling in an audit service

A:

Q: Audit sampling is commonly used for which type of audit evidence: * Inspection of records and…

A: Audit sampling is commonly used for selection of population which shall be less than 100% enable…

Q: Which of the following statements about attribute sampling is correct?   A. Larger transactions…

A: An audit can be defined as the independent examination of the financial statements by the auditor.…

Q: When evaluating the results of an MUS application, the audit team should compare the upper limit on…

A: Answer:   Option d

Q: What is “tolerable misstatement”? How is this concept applied when auditors perform audit tests on a…

A: Tolerate misstatement is a term used in auditing that refers to the amount by which a financial…

Q: What is stratification? What are the benefits to the audit team of stratifying the sample?

A: Stratification is the process of dividing a population into subpopulations, each of which is a group…

Q: When using sampling in the study of internal control, the audit team would compare theupper limit…

A: Auditing refers to the examination of the financial information and data and evaluate the financial…