Question: 06] Identify the type statistical sampling applicable to the sampling statements noted below. Sampling Statement a. Most frequently used to determine if account balances are

06] Identify the type statistical sampling applicable to the sampling statements

06] Identify the type statistical sampling applicable to the sampling statements noted below. Sampling Statement a. Most frequently used to determine if account balances are materially misstated. Type Statistical Sampling b. Most commonly used to audit internal controls over financial reporting. c. Estimates the proportion of a population that possesses a "specified characteristic". d. Estimates the amount of misstatement in a class of transactions or an account balance

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 Accounting Questions!

is the selection and evaluation of less than 100% of a population to be tested during an audit. sample should yield the same conclusions as if the audit procedures where applied to the entire (100%)...

-------------------------------------------------------------------------------------------------------------------------- Take a look at the apple inventory example. The tests reveal a difference of...

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

** Its a practice test that prof gave us for the preparation so its not homework or anything like that 1. Which of the following is a characteristic of monetary unit sampling (MUS)? A) MUS is a form...

Stephanie is auditing a major consumer products manufacturer. She is building her audit plan and trying to determine her approach to auditing their ending inventory balance as well as the long-term...

MULTIPLE CHOICE QUESTIONS 1. Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. An audit benefits to public. b. Auditors act on...

Hi can u pls help me to find out the auditing MCQ questions answer .I attach a file.please.My email id is (ruhin_1986@yahoo.com) 1 Marks: 1 When an auditor calculates the gross margin as a percent of...

1. A set of characteristics that helps to define a seriousness about employees' attitudes about the control activities in a company is referred to as A. Management assertions. B. Control environment....

In a test of a printed circuit board using a random test pattern, an array of 10 bits is equally likely to be 0 or 1. Assume the bits are independent. (a) What is the probability that all bits are...

Waterville Company uses the internal rate of return method. What is the decision rule for this method?

The stock price function model includes the variable DP which stands for Depreciation Percentage. a. True b. False

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

As part of its long-range expansion and remodeling plan, Simpson Foods gathered input about the features/services its customers consider important in a grocery store. Data from 693 respondents...

The amount of work I am asked to do is reasonable.

The company encourages a balance between work and personal life.