An auditor established a USD60,000 tolerable misstatement for an asset with an account balance of USD1,000,000. The auditor selected a sample of every twentieth item from the population that represented the asset account balance and discovered overstatements of USD3,700 and understatements of USD200. Under these circumstances, the auditor most likely would conclude that:
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1 .An auditor who uses statistical sampling for attributes in testing internal controls should reduce the planned reliance on a prescribed control when the:
A Sample rate of deviation plus the allowance for sampling risk equals the tolerable rate. B Sample rate of deviation plus the allowance for sampling risk exceeds the tolerable rate. C Tolerable rate less the allowance for sampling risk exceeds the sample rate of deviation. D Sample rate of deviatio...
2 .In determining the sample size for a test of controls, an auditor should consider the likely rate of deviations, the allowable risk of assessing control risk too low, and the:
A Risk of incorrect acceptance. B Nature and cause of deviations. C Tolerable deviation rate. D Population size.
3 .The sample size of a test of controls varies inversely with:Expected populationdeviation rateTolerablerate
A Yes........Yes B Yes........No C No.........Yes D No.........No
4 .In attribute sampling, a 25% change in which of the following factors will have the smallest effect on the size of the sample?
A Tolerable rate of deviation. B Planned assessed level of control risk. C Degree of assurance desired. D Number of items in the population.
5 .An audit partner is developing an office training program to familiarize his professional staff with statistical decision models applicable to the audit of dollar value balances. He wishes to demonstrate the relationship of sample sizes to population size and variability and the auditor's specifications as to tolerable misstatement and risk of incorrect acceptance. The partner prepared the following table to show comparative population characteristics and audit specifications of two populations.Characteristics ofPopulation 1 Relativeto Population 2Audit Specifications as to a Samplefrom Population 1 Relative to aSample from Population 2SizeVariabilitySpecifiedTolerableMisstatementSpecified Riskof IncorrectAcceptanceCase 1EqualEqualEqualLowerCase 2EqualLargerLargerEqualCase 3LargerEqualSmallerHigherCase 4SmallerSmallerEqualHigherCase 5LargerEqualEqualLowerYou are to indicate for the specified case from the above table the required sample size to be selected from population 1 relative to the sample from population 2.In case 2 the required sample size from population 1 is:
A Equal to the required sample size from population 2. B Larger than the required sample size from population 2. C Indeterminate relative to the required sample size from population 2. D Smaller than the required sample size from population 2.
7 .How would increases in tolerable misstatement and assessed level of control risk affect the sample size in a substantive test of details?Increase in tolerablemisstatementIncrease in assessedlevel of control risk
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8 .The use of the ratio estimation sampling as compared to other sampling techniques is most effective when:
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9 .Which of the following is the primary objective of probability proportional to sample size?
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10 .Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?
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