Which technique results in a smaller sample size, sampling with or without replacement?
Answer to relevant QuestionsAn auditor is sampling with replacement and, by chance, a particular account has been selected twice. Should it be included two times in the sample?The mean of the audited values in a sample is $20. The accounts in that sample have a mean book value of $21, and the entire population of 10,000 accounts has an average book value of $19. Using mean-per-unit sampling, ...Comment on the following:”any voided prenumbered shipping documents should be properly canceled and disposed of to eliminate any possibility of improper shipment of goods”. Describe briefly an internal control activity that would prevent a paid disbursement voucher from being presented for payment a second time.Audit programs for examination of accounts receivable and notes receivable often include investigation of selected transactions occurring after the balance sheet date as well as transactions occurring during the year under ...
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