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Auditing Solutions Paper

Words: 448, Paragraphs: 4, Pages: 2

Paper type: Essay , Subject: Solutions

Examine a sample Of duplicate sales invoices for credit approval by the credit manager. D. Review the aged schedule Of accounts receivable to determine if receivables from officers are included. When the computed upper exception rate is greater than the tolerable exception rate, it is necessary for the auditor to take specific action. Which of the following courses of action would be most difficult to defend if the auditor is ever subject to review by a court? a. Reduce the tolerable exception rate so as to accept the sample results. B. Expand the sample size and perform more tests. C.

Revise the assessed control risk, d. Write a letter to management which outlines the control deficiencies. Psychics of the following is not generally considered in determining sample size for tests of controls? Ad. Expected population exception rate. B. Risk of assessing control risk too low, c. Tolerable exception rate. D. Population size. 25 Which Of the following statement is correct With respect to the quantification of sampling risk? easy. Sampling risk cannot be quantified. C b. Sampling risk can be quantified only When Nan-probabilistic selection techniques are used to select the sample.

Sampling risk can be quantified only when probabilistic selection techniques are used to select the sample. D. None of the above. Easy The auditor may use which of the following criteria when using the directed sample selection technique? a. Items most likely to contain misstatements. B. Items containing selected population characteristics. C. Large dollar coverage. D. Any of the above, 27, Nan-sampling errors occur when audit tests do not uncover existing exceptions in the: mediums. Population. B, sample. C. Planning stage. D. Financial statements. 8 Which Of the following statements is correct With respect to the evaluation Of sample results? Medium c a. It is acceptable to make Nan-probabilistic evaluations only When probabilistic sample selection is used. B. It is acceptable to make non-probabilistic evaluations only if the auditor Anton quantify sampling risk. C. It is never acceptable to evaluate a Nan-probabilistic sample as if it were a statistical one. D. All of the above are correct. 29. Which of the following statements is a valid criticism of non-statistical sampling? Medium Ad.

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Many audit tests, such as tooting of journals, must be performed outside a statistical sampling context, b. The cost to performing random selection or testing often exceeds the benefits. C. Non-statistical sampling does not differ substantially from statistical sampling methods. D. Conclusions may be drawn in more precise ways when using statistical 30 tedium Which of the following methods of sample selection is appropriately used when selecting a random sample? D a. Use of random number tables. B. Use of computer generated random numbers.

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