Question: An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to a. Eliminate the risk of nonsampling errors. b. Reduce

An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to

a. Eliminate the risk of nonsampling errors.

b. Reduce the level of audit risk and materiality to a relatively low amount.

c. Measure the sufficiency of the evidential matter obtained.

d. Minimize the failure to detect errors and fraud.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Internal Auditing Questions!

Q:

ned to estimate a numerical measurement of a population, such as a dollar value? (Points : 2) Sampling for attributes. Discovery sampling. Numerical sampling. Sampling for variables. Question 2. 2....

Q:

21. In preparing for a repeat engagement, the first thing an audit team should do is a. interview client management for any changes in the business and industry b. take a tour of a client's physical...

Q:

21. In preparing for a repeat engagement, the rst thing an audit team should do is a. interview client management for any changes in the business and industry b. take a tour of a client's physical...

Q:

Multiple Choice Questions The following questions concern sampling for attributes. Choose the best response. a. An advantage of statistical sampling over nonstatistical sampling is that statistical...

Q:

An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to a. Eliminate the risk of nonsampling errors. b. Reduce the level of audit risk and...

Q:

An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to a. Eliminate the risk of nonsampling errors. b. Reduce the level of audit risk and...

Q:

17. An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to A. Minimize the failure to detect errors and fraud. B. Eliminate the risk of...

Q:

An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to Minimize the failure to detect errors and fraud. Measure the sufficiency of the...

Q:

An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to a. Eliminate the risk of nonsampling errors. b. Reduce audit risk and materiality to...

Q:

1-How is critical thinking defined? Provide a detailed explanation that demonstrates clear, insightful critical thinking. 2-How can you apply critical thinking in your work? Provide a detailed...

Q:

In what ways is the Fed independent from the rest of the federal government?

Q:

Problem 7 - 1 4 Yield to Maturity ( LG 7 - 6 ) A 5 . 8 0 percent coupon bond with 1 6 years left to maturity is offered for sale at $ 9 9 6 . 4 2 . What yield to maturity is the bond offering? (...

Q:

The human resources department at Harold Logistics is responsible for selecting and appointing employees, approving pay rates and promotions, and processing employee terminations. The payroll...