Assuming a large population and holding all factors constant, what is the expected effect of a decrease in ARO on CUER? O Increase O Decrease O No change
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- Which of the following combinations results in an increase in sample size in an attribute sample? a. Allowable Risk of Overreliance Tolerable Rate Expected Population Deviation Rate Decrease Decrease Increase b. Allowable Risk of Overreliance Tolerable Rate Expected Population Deviation Rate Decrease Increase Decrease c. Allowable Risk of Overreliance Tolerable Rate Expected Population Deviation Rate Increase Increase Decrease d. Allowable Risk of Overreliance Tolerable Rate Expected Population Deviation Rate Increase Increase Increase e. Allowable Risk of Overreliance Tolerable Rate Expected Population Deviation Rate Increase Decrease Increase70 When an auditor does a sampling for attributes, which of the following would decrease sample size? Risk of assessing control risk too low Tolerable rate of Deviation Expected population deviation rate A. Increase Decrease Increase B. Decrease Increase Decrease C. Increase Increase Decrease D. Increase Increase Increase Group of answer choices Choice C Choice B Choice A Choice DSample Size Determination. For each of the following independent cases, use AICPA sample size tables to identify the missing value(s). Control 1 2 3 4 Risk of overreliance 5.0% 5.0% 10.0% (d) Expected population deviation rate 1.25% 2.5% (c) 1.25% Tolerable rate of deviation 7.0% (b) 6.0% 6.0% Sample size (a) 68 153 78
- The upper precision limit (CUER) in statistical sampling is(1) the percentage of items in a sample that possess a particular attribute.(2) the percentage of items in a population that possess a particular attribute.(3) a statistical measure, at a specified confidence level, of the maximum rate ofoccurrence of an attribute.(4) the maximum rate of exception that the auditor would be willing to accept inthe population without altering the planned reliance on the attribute.Review each of the following independent sets of conditions. For each condition, calculatethe (1) sample rate of deviation, (2) ULRD, and (3) allowance for sampling risk (n = samplesize, d = deviations, ROO = risk of overreliance). What is your conclusion regarding therelationship of each of these factors to the ULRD based on comparing the ULRD across different combinations of these factors?a. n = 100, d = 8, ROO = 5%.b. n = 100, d = 4, ROO = 5%.c. n = 100, d = 8, ROO = 10%Sample Results Evaluation.Required:Review each of the following independent sets of conditions. For each condition, calculatethe (1) sample rate of deviation, (2) ULRD, and (3) allowance for sampling risk (n = samplesize, d = deviations, ROO = risk of overreliance). What is your conclusion regarding therelationship of each of these factors to the ULRD based on comparing the ULRD across different combinations of these factors?a. n = 100, d = 8, ROO = 5%.b. n = 100, d = 4, ROO = 5%.c. n = 100, d = 8, ROO = 10%
- ample Size Determination. Review each of the following independent sets of conditions.Required:Use AICPA sample size tables to identify the appropriate sample size for use in a statisticalsampling application (ROO = risk of overreliance, EPDR = expected population deviationrate, TRD = tolerable rate of deviation). What is your conclusion regarding the relationshipof each of these factors to sample size based on comparing the sample sizes across differentcombinations of these factors?a. ROO = 5%, EPDR = 0%, TRD = 7%.b. ROO = 5%, EPDR = 3%, TRD = 7%.c. ROO = 5%, EPDR = 3%, TRD = 6%.d. ROO = 10%, EPDR = 0%, TRD = 7%.d. Assume that based on additional controls implemented by ELM, your audit team has decided to reduce the expected misstatement from $77,928 to $19,482 (0.5 percent of the recorded balance of the transactions). What is the necessary sample size, holding all other factors constant?If the UML or Projected Misstatement in a sampling is $8,000, while the tolerable misstatement is $9,000, what would an auditor likely conclude? A) Since the UML or Projected Misstatement is less than the tolerable misstatement, the account is not materially misstated. B) Since the UML or Projected Misstatement is less than the tolerable misstatement, the account is misstated. C) The analysis has been improperly performed since the UML or Projected Misstatement is unequal to the tolerable misstatement
- The interpretation of the ULRD in an attributes sampling application isa. The estimated rate of deviation in the population with probability equal to the risk ofoverreliance that the population deviation rate is higher.b. The estimated rate of deviation in the population with probability equal to the risk ofoverreliance that the actual rate of deviation is lower.c. The estimated rate of deviation in the population with certainty that the actual rate ofdeviation is lower.d. The estimated rate of deviation in the population with certainty that the actual rate ofdeviation is higher.When using monetary unit sampling, a population is accepted as being materially correct when the: Tolerable misstatement is greater than the upper limit on misstatement. Incremental allowance is less than the upper limit on misstatement. Projected misstatement is less than the upper limit on misstatement. Basic precision is greater than the projected misstatement.The sample size of a test of controls varies inversely with: Expected Population Tolerable deviation rate Rate A. Yes Yes B. No No C. Yes No D. No Yes
