Explain the difference between replacement sampling and non replacement sampling. Which method do auditors usually follow? Why?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
In replacement sampling an element in the population can ...View the full answer
Answered By
Aun Ali
I am an Associate Member of Cost and Management Accountants of Pakistan with vast experience in the field of accounting and finance, including more than 17 years of teaching experience at university level. I have been teaching at both undergraduate and post graduate levels. My area of specialization is cost and management accounting but I have taught various subjects related to accounting and finance.
5.00+
13+ Reviews
32+ Question Solved
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133098235
12th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
Question Posted:
Students also viewed these Auditing questions
-
Explain the difference between replacement sampling and nonreplacement sampling. Which method do auditors usually follow? Why?
-
Explain the difference between revenue/distributable reserves and capital/non-distributable reserves, giving three examples of the latter.
-
Explain the difference between sterilized and non sterilized intervention.
-
Avishek has $49,583.72 and wants to buy a T-bill with a face value of $50,000.00 that matures on 2020-04-17. The annual simple interest rate is 3.000% and the daycount convention is ACT / 360. What...
-
What are the two most abundant elements by mass in the earths crust, oceans, and atmosphere? Does this make sense? Why? What are the four most abundant elements by mass in the human body? Does this...
-
An asteroid hits the Moon and ejects a large rock from its surface. The rock has enough speed to travel to a point between the Earth and the Moon where the gravitational forces on it from the Earth...
-
Many companies today choose to outsource even key elements of product de- sign and development. PEP designs is a leading supplier of outsourced engineering and manufacturing product development for...
-
The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson, you are attempting to reconstruct and...
-
Tax credits reduce your a. tax liability. b. adjusted gross income. c. tax refund. d. tax withholding. e. taxable income.
-
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a...
-
Distinguish between a sampling error and a non sampling error. How can each be reduced?
-
What are the two types of simple random sample selection methods? Which of the two methods is used most often by auditors, and why?
-
The statement of cash flows is analogous to a checkbook register because it records the cash generated by a business. True or False
-
Santos Company is preparing a cash budget for February. The company has $13,000 cash at the beginning of February and budgets $67,000 in cash receipts from sales and $117,000 in cash payments during...
-
Jerome Phillips is a marquee professional football player in year 4 of a 6-year, $30 million contract, but he is a working-class kid from New York, and he isn't sure how to handle all that money....
-
The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $625,000 Income tax withheld $232,260 Warehouse salaries 240,000...
-
following expenditures related to the vehicle were also made on July 1, 2025: The company pays $2,300 to GEICO for a one-year Insurance policy. The company spends an extra $5,000 to repaint the...
-
Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979. In 2024, the company decided to switch to the average cost method. Data...
-
Match each of the key terms with the definition that best fits it. ___________ A relationship between the instances of one entity type. Here are the key terms from the chapter. The page where each...
-
Calculate I, , and a for a 0.0175 m solution of Na 3 PO 4 at 298 K. Assume complete dissociation. How confident are you that your calculated results will agree with experimental results?
-
Refer to Question 8-4 for background on the company. Below is an excerpt of the preliminary financial statements and some excerpts from the audit working papers prepared by Shelly, the audit senior....
-
Explain what verifications and performance reviews are and give five specific examples.
-
What is meant by the control environment?
-
Consider the following for Columbia Street Manufacturing: Change in finished goods inventory $ 1,111 increase Change in work-in-process inventory $ 434 decrease Total manufacturing costs $ 1,005 What...
-
Revenues: Managers Staff Total revenue Expenses: EXECUTIVE SOLUTIONS Budgeted Income Statement Manager compensation Staff compensation Total compensation SG&A Depreciation Marketing Total expenses...
-
Magasins Mtro, with operations in Qubec, is a weekly remitter. The statutory deductions withheld from the five weekly payrolls in March are as follows: On the March 2 pay, the employees Qubec Pension...
Study smarter with the SolutionInn App