How will you collect, classify and present statistical data?

Q: What are the characteristics of Statistical Sampling?

A: Sampling: Sampling refers to testing some part of the entire population, based on some key features…

Q: When is Attribute sampling used?

A: Attributes sampling is a statistical sampling method used to estimate the rate of control procedure…

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: What information does the audit team typically document in an attributes sampling application?

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

Q: In an MUS application, how is the population size defined? What is the relationship between…

A: MUS stands for Monetary Unit Sampling. It defines the sampling unit as an individual dollar in an…

Q: State the relationship between the following:a. ARO and sample sizeb. Population size and sample…

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Q: Understand how various factors influencethe size of an attributes sample and how todetermine the…

A: Audit Sampling is a process in which an audit is done based on various samples collected or…

Q: What is Attribute Sampling?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: In an MUS application, how is the population size defined?

A: MUS Application: In the panning stage of MUS, the audit team primarily identifies the objectives,…

Q: Descriptive statistics consists of methods for organizing, displaying, and describing data by using…

A: A data set in original form usually very large, consequently such data is not very helpful in…

Q: What is statistical sampling? How does it differ from nonstatistical sampling?

A: Statistical sampling is widely used statistical method of measurement by taking some samples from…

Q: What are the characteristics of Substantive Tests?

A: Audit Planning: Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: What is the connection between audit sampling and audit data mining?

A: Audit sampling is the method in which audit procedure are performed on less than 100% data. In…

Q: What is the formula for Audit Sampling?

A: Audit sampling is selecting some part of population , subjecting it to some audit procedures and…

Q: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

Q: What is Systematic Sampling?

A: Systematic sampling is process to select the products in random way but in a periodically manner.

Q: What type of testing are ratios?

A: Ratio:   It is a number expressed in terms of another to establish a relationship among them.

Q: What is Audit Sampling?

A: Audit sampling is the use of an audit procedure which says that selection of some sample items from…

Q: Interpretation of the data:

A: We are provided with the monthly sales report and in order to better interpret the data we will have…

Q: Explain Key Statistical Relationships between Covariance and Correlation of Returns?

A: Covariance:It is defined as the statistical relationship between stock prices of stock that vary…

Q: Define descriptive and inferential statistics.

A: Descriptive Statistics: Analysis of data that helps in describing, showing or summarizing data in a…

Q: Outline the important considerations that should inform any given research data analysi

A: Data Analysis is the systematic process which uses statistical and/or logical techniques to outline…

Q: When variables sampling is used in the audit examination?

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Q: Construct a sample problem of External Rate of Return (ERR).

A: External rate of return (ERR) or Internal rate of return (IRR) is the rate at which Present Value of…

Q: What factors affect sample size?

A: Definition:   Sampling: Sampling allows an individual to obtain information about the population of…

Q: Define monetary unit sampling and explain its importance inauditing. How does it combine the…

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Q: As an accountant, why would you need to be familiar with data normalization techniques?

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Q: CAFR

A: CAFR stands for Comprehensive Annual Financial Report. This report contains sets of US financial…

Q: Which of the following would be designed to estimate a numerical measurement of a population, such…

A: Monetary value is the value which will be received by a seller when the seller sells goods or…

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: Give an example where researchers have used an event study and what did they find? Was it consistent…

A: Efficient Market: An efficient market means the current price of a security fully reflects all…

Q: What is sensitivity analysis and its functions?

A: The answer for the theory question on sensitivity analysis and its functions is discussed hereunder…

Q: Understand how to use sequential sampling,discovery sampling, and nonstatisticalsampling in…

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Q: What is Discovery Sampling?

A: Discovery sampling can be used by the audit team as follows: Go to the AICPA sampling tables…

Q: What is a sensitivity analysis?

A: Sensitivity analysis:Sensitivity analysis ascertains the manner in which the different values of an…