Which of the following statements is correct concerning statistical sampling in tests of controls? Show A. For a given tolerable rate, a larger sample size should be selected as the expected population deviation rate decreases. B. The population size has little effect on determining sample size except for very small populations. C. As the population size doubles, the sample size also should double. D. The expected population deviation rate has little or no effect on determining sample size except for very small populations. What is statistical sampling in auditing?1. Statistical audit sampling. Statistical audit sampling involves a sampling approach where the auditor utilizes statistical methods such as random sampling to select items to be verified. Random sampling is used when there are many items or transactions on record.
In what situation the sampling is not appropriate for auditing?CIRCUMSTANCES WHERE AUDIT SAMPLING MAY NOT BE APPROPRIATE. e) Where the items are specially required to be disclosed in the financial statements by law or other professional requirements. f) Where the items within the class of transactions, asses, liabilities and owner equity items are few and are individually material ...
What is nonNon-statistical sampling is the selection of a test group that is based on the examiner's judgment, rather than a formal statistical method. For example, an examiner could use his own judgment to determine one or more of the following: The sample size. The items selected for the test group.
What is a risk of using sampling techniques during an audit?. 10 Sampling risk arises from the possibility that, when a test of controls or a substantive test is restricted to a sample, the auditor's conclusions may be different from the conclusions he would reach if the test were applied in the same way to all items in the account balance or class of transactions.
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Which of the following statistical sampling techniques is least desirable for use by the auditors?
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