Question: 1. What is the difference between variables sampling and attribute sampling (see Messier PowerPoint in footnote 1 below) ? 2. Why is attribute sampling usually

1. What is the difference between variables sampling and attribute sampling (see Messier PowerPoint in footnote 1below)?

2. Why is attribute sampling usually appropriate for internal controls audits?

3. Give an example of how attribute sampling can be used for an internal control audit.

4. Why is variables sampling usually appropriate for substantive tests of financial statements accounts?

5. Give an example of how variables sampling can be sued for substantive tests..

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!

Q:

1. What is the difference between variables sampling and attribute sampling? Why is attribute sampling usually appropriate for internal controls audits? 3- Give an example. Why is variables sampling...

Q:

What is the difference between variables sampling and attribute sampling ? Why is attribute sampling usually appropriate for internal controls audits? Give an example of how attribute sampling can be...

Q:

Need help with these multiple choice questions for internal audit final exam. Due in 2 hours. QUESTION 1 RsQ_004Without management direction and assumption of responsibility, it would be...

Q:

ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best describes the test data approach? A) Auditors process...

Q:

Please see the attached items. I need help completing. ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best...

Q:

I need to finish assignment Assignment 6 WPs 21-1, 21-2, 21-3, 21-5, 21-6, 21-17, 21-18, 21-19, 21-20, 21-21 Assignment 7 WPs 30-1, 30-2, 30-4, 30-5, 30-21, 30-22, 30-23, 30-24 Assignment 8 WPs 20-1,...

Q:

Hi! I need help for this assignment, please let me know if WEEK 6 WILEYCPA Ownership of 51% of the outstanding voting stock of a company would usually result in The use of the cost method. The use of...

Q:

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...

Q:

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...

Q:

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...

Q:

Select the suitable answer for filling the blanks. 1. The study of how organisms interact with each other and their environment, and of the abundance and distribution of organisms, is...

Q:

Twenty $5000 bonds redeemable at par bearing 8.4% coupons payable quarterly are sold eight years before maturity to yield 8.0% compounded annually. What is the purchase price of the bonds?

Q:

Johnson, CPA found a problem with a client s internal control over accounts receivable that is severe enough to conclude there is a good chance a material misstatement exists. Which internal control...

Q:

Find the radius of gyration of a plate covering the region bounded by x=3, x=5, y=0, and y=4 with respect to the y-axis.

Q:

List the advantages of correct report formatting.

Q:

Write formal and informal proposals.

Q:

Describe the components of a formal report.