Describe the general procedure used by the audit team to determine sample size using AICPA sampling tables.
Answer to relevant QuestionsWhat is the upper limit rate of deviation? What information does the upper limit rate of deviation provide to the audit team?In what steps of a sampling plan would the use of non-statistical sampling differ from the use of statistical sampling?Which of the following would not result in the audit team’s selecting a larger sample of controls for examination? a. A reduction in the risk of overreliance from 10 percent to 5 percent. b. An increase in the tolerable ...Using AICPA sample evaluation tables, determine the conclusion from a statistical sample of internal controls when a sample of 125 documents indicates five deviations if the tolerable rate of deviation is 5 percent, the ...In which step of a sampling plan is non-statistical sampling different from statistical sampling? a. Define the characteristic of interest. b. Define the population. c. Measure the sample items. d. Evaluate the sample ...
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