Is it correct to say that when using nonstatistical variables sampling, one is unable to project the misstatements identified to the entire population? Explain why this is or is not the case.
Answer to relevant QuestionsThe 10 following statements apply to unrestricted random sampling without replacement.Indicate whether each statement is true or false. Briefly discuss each false statement.a. When sampling from the population of accounts ...Reply as to whether you believe the following statements are correct (C) or incorrect (I) concerning PPS sampling.a. The size of a PPS sample is not based on the estimated variation of audited amounts.b. PPS sampling results ... “When no misstatements are found in a PPS sample, the upper limit on misstatement is equal to zero.” Is this statement correct? Explain.During your audit of a small manufacturing firm, you find numerous checks for large amounts drawn payable to the treasurer and charged to the Miscellaneous Expense account. Does this require any action by the auditor? ...In what ways can the audit of financial investments present special risks requiring specialized skill and knowledge?
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