Sampling - CPA Auditing and Attestation (AUD)
Card 1 of 24
“Non-sampling risk” is:
“Non-sampling risk” is:
Tap to reveal answer
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
← Didn't Know|Knew It →
In the case of sampling risk:
In the case of sampling risk:
Tap to reveal answer
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
← Didn't Know|Knew It →
Stratification is defined as:
Stratification is defined as:
Tap to reveal answer
In the concept of stratification, populations are divided into subsets. A probability sample is drawn from each group.
In the concept of stratification, populations are divided into subsets. A probability sample is drawn from each group.
← Didn't Know|Knew It →
For which of the following audit tests would an auditor most likely use attribute sampling?
For which of the following audit tests would an auditor most likely use attribute sampling?
Tap to reveal answer
Attribute sampling is used to test controls. Inspecting employee time cards for proper approval by supervisors is a test of controls. Controls often relate to authorization, validity, completeness, accuracy, classification, and proper period.
Attribute sampling is used to test controls. Inspecting employee time cards for proper approval by supervisors is a test of controls. Controls often relate to authorization, validity, completeness, accuracy, classification, and proper period.
← Didn't Know|Knew It →
While performing a test of details during an audit, an auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was in fact not materially misstated. This situation illustrates the risk of:
While performing a test of details during an audit, an auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was in fact not materially misstated. This situation illustrates the risk of:
Tap to reveal answer
Erroneously concluding that an account balance is materially misstated is an example of incorrect rejection.
Erroneously concluding that an account balance is materially misstated is an example of incorrect rejection.
← Didn't Know|Knew It →
When conducting testing of various data areas during an audit, the auditor should uniformly use the same sample selection procedures for each testing unit.
When conducting testing of various data areas during an audit, the auditor should uniformly use the same sample selection procedures for each testing unit.
Tap to reveal answer
Each data set to be tested requires a customized well thought out sampling and testing approach that allows the auditor to examine testing areas properly.
Each data set to be tested requires a customized well thought out sampling and testing approach that allows the auditor to examine testing areas properly.
← Didn't Know|Knew It →
Stratification is defined as:
Stratification is defined as:
Tap to reveal answer
In the concept of stratification, populations are divided into subsets. A probability sample is drawn from each group.
In the concept of stratification, populations are divided into subsets. A probability sample is drawn from each group.
← Didn't Know|Knew It →
“Non-sampling risk” is:
“Non-sampling risk” is:
Tap to reveal answer
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
← Didn't Know|Knew It →
In the case of sampling risk:
In the case of sampling risk:
Tap to reveal answer
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
← Didn't Know|Knew It →
For which of the following audit tests would an auditor most likely use attribute sampling?
For which of the following audit tests would an auditor most likely use attribute sampling?
Tap to reveal answer
Attribute sampling is used to test controls. Inspecting employee time cards for proper approval by supervisors is a test of controls. Controls often relate to authorization, validity, completeness, accuracy, classification, and proper period.
Attribute sampling is used to test controls. Inspecting employee time cards for proper approval by supervisors is a test of controls. Controls often relate to authorization, validity, completeness, accuracy, classification, and proper period.
← Didn't Know|Knew It →
While performing a test of details during an audit, an auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was in fact not materially misstated. This situation illustrates the risk of:
While performing a test of details during an audit, an auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was in fact not materially misstated. This situation illustrates the risk of:
Tap to reveal answer
Erroneously concluding that an account balance is materially misstated is an example of incorrect rejection.
Erroneously concluding that an account balance is materially misstated is an example of incorrect rejection.
← Didn't Know|Knew It →
When conducting testing of various data areas during an audit, the auditor should uniformly use the same sample selection procedures for each testing unit.
When conducting testing of various data areas during an audit, the auditor should uniformly use the same sample selection procedures for each testing unit.
Tap to reveal answer
Each data set to be tested requires a customized well thought out sampling and testing approach that allows the auditor to examine testing areas properly.
Each data set to be tested requires a customized well thought out sampling and testing approach that allows the auditor to examine testing areas properly.
← Didn't Know|Knew It →
Stratification is defined as:
Stratification is defined as:
Tap to reveal answer
In the concept of stratification, populations are divided into subsets. A probability sample is drawn from each group.
In the concept of stratification, populations are divided into subsets. A probability sample is drawn from each group.
← Didn't Know|Knew It →
“Non-sampling risk” is:
“Non-sampling risk” is:
Tap to reveal answer
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
← Didn't Know|Knew It →
In the case of sampling risk:
In the case of sampling risk:
Tap to reveal answer
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
← Didn't Know|Knew It →
For which of the following audit tests would an auditor most likely use attribute sampling?
For which of the following audit tests would an auditor most likely use attribute sampling?
Tap to reveal answer
Attribute sampling is used to test controls. Inspecting employee time cards for proper approval by supervisors is a test of controls. Controls often relate to authorization, validity, completeness, accuracy, classification, and proper period.
Attribute sampling is used to test controls. Inspecting employee time cards for proper approval by supervisors is a test of controls. Controls often relate to authorization, validity, completeness, accuracy, classification, and proper period.
← Didn't Know|Knew It →
While performing a test of details during an audit, an auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was in fact not materially misstated. This situation illustrates the risk of:
While performing a test of details during an audit, an auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was in fact not materially misstated. This situation illustrates the risk of:
Tap to reveal answer
Erroneously concluding that an account balance is materially misstated is an example of incorrect rejection.
Erroneously concluding that an account balance is materially misstated is an example of incorrect rejection.
← Didn't Know|Knew It →
When conducting testing of various data areas during an audit, the auditor should uniformly use the same sample selection procedures for each testing unit.
When conducting testing of various data areas during an audit, the auditor should uniformly use the same sample selection procedures for each testing unit.
Tap to reveal answer
Each data set to be tested requires a customized well thought out sampling and testing approach that allows the auditor to examine testing areas properly.
Each data set to be tested requires a customized well thought out sampling and testing approach that allows the auditor to examine testing areas properly.
← Didn't Know|Knew It →
“Non-sampling risk” is:
“Non-sampling risk” is:
Tap to reveal answer
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
Non-sampling risk is unrelated to the sample itself. Typically, a non-sampling risk would involve the misapplication of audit procedures. This would be unrelated to the sample
← Didn't Know|Knew It →
In the case of sampling risk:
In the case of sampling risk:
Tap to reveal answer
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
Both a and b are correct. This risk could be that controls are more effective than they actually are causing oversampling or less than they actually are causing under-sampling.
← Didn't Know|Knew It →