Which of the following is an advantage of nonstatistical sampling?a. It measures the audit team’s exposure to sampling risk.b. It is required by generally accepted auditing standards.c. It ensures that samples are randomly selected.d. It is typically less complex than statistical sampling

Q: It is important to recognize that audit sampling may be constructed on a nonstatistical basis. If…

A: a) The extent to which statistical sampling enhances the quality of the audit evidence - The use of…

Q: (Appendix G.B) To determine the sample size for a classical variables sampling application,an audit…

A:

Q: List three situations where the auditor would be unlikely to use audit sampling techniques.

A: Audit sampling techniques are the techniques used by the auditor while auditing the entity where the…

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: Audit sampling involves applying an audit procedure to less than 100 percent of the population for…

A: Sampling Risk :- Sampling threat is the opportunity that the objects decided on in a pattern…

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: Auditors must be aware of sampling risks because: A The risk of type 2 error due to increased…

A: The Type 2 error is failing to detect a material misstatement in the financial statements. Type 1…

Q: Explain

A: In Statistical sampling, there are equal chances of selection of each sampling unit whereas in…

Q: An auditor who uses statistical sampling for attributes in testing internal controlsshould reduce…

A: Sampling: Sampling can be defined as the process under which small number of observations is taken…

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: The primary benefit of using nonstatistical sampling is thata. It generally results in a smaller…

A:

Q: High levels of assurance mean _______.     A. lower levels of non-sampling risk that the sample is…

A: High Level of Assurance: The greater the degree of assurance offered, the greater the amount of…

Q: Which one of the following is the main problem with using non-probability sampling technique? a. The…

A: Nonprobability sampling is a technique where the samples are selected without the random selection…

Q: Which one of the following is the main problem with using non-probability sampling technique? a. The…

A: Sampling is the process of choosing selections from a population.

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: Which of the following is not an advantage of non-statistical sampling? a) It allows an auditor to…

A: It requires less staff training is not a advantage of non statistical sampling.... In this sampling…

Q: What is the sample rate of deviation? How does the audit team calculate it?

A: The sample deviation rate represents the rate of deviation from key controls written down by the…

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

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Q: An auditor typically selects samples when testing controls. What are some factors that affect the…

A: A testing control describes any auditing procedure which are used to evaluate a company internal…

Q: Which of the following statements is not true with respect to nonstatistical sampling?a. It cannot…

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

Q: STATEMENT 1: If the sampling unit is defined as the individual disbursement entry in the check…

A: The question is related to Audit Sampling. Audit sampling is tool that in which less than 100% of…

Q: STATEMENT 1: Nonstatistical sampling approach is determined based on pure judgment of the auditor.…

A: Audit refers to the physical examination or investigation of the book of accounts of the company and…

Q: Non-statistical sampling is commonly used in audit practice. Describe each of the four items…

A: Audit sampling is a method of investigation in which a sample of less than 100% of the total items…

Q: If the sample evidence does not support the planned level of control risk, the audit team coulda.…

A: Auditing is done in order to determine that the financial statements are not materially misstated.

Q: In using audit sampling for exception rates:     the auditor wants to know the most the exception…

A: The auditor is the person who conduct audit of the financial statements and who is responsible of…

Q: In evaluating the results of audit sampling in test of details which sentence below is FALSE? A.…

A: Auditing means to check whether the results are as per assumptions or calculations made at the…

Q: Which of the following components is not used in determining the upper limit on misstatements?a.…

A: Auditors generally uses Sampling Tools to find any error.

Q: Which of the following major stages of the audit is most closely related to attributes sampling?a.…

A: Audit sampling is selection of items from a population of items for identifying and assessing the…

Q: STATEMENT 1: Since audit sampling is an essential part of the audit process, each step in an audit…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

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: Audit sampling involves applying an audit procedure to less than 100 percent of the population for…

A: Sampling Risk :- Sampling threat is the opportunity that the objects decided on in a pattern…