Based on the defining and understanding of audit sampling: 1. Why it is important for the auditor

Fantastic news! We've Found the answer you've been seeking!

Question:

Based on the defining and understanding of audit sampling:

1. Why it is important for the auditor to select and audit reasonable numbers of transactions instead of taking auditing the whole transactions that happened in the company?

2. What are the factors that auditors should consider during the process of audit sampling?

Related Book For answer-question

Auditing A Practical Approach with Data Analytics

ISBN: 978-1119401742

1st edition

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

See More Books

Posted Date: Jan 06, 2022 05:48 AM

See More Questions

It is important for an auditor to understand a public companys system of internal control in order to: a. Audit internal control over financial reporting. b. Make a preliminary assessment of control...
Why it is important for McDonald's to measure all aspects of perceived performance and perceived cost of purchase?
What are the major reasons why it is important for employees in all functional areas to become familiar with IT?
Jacomo Companys output for the current period was assigned a $300,000 standard direct materials cost. The direct materials variances included a $44,000 favorable price variance and a $6,000 favorable...
List and briefly explain the five-step capital budgeting process.
Modify the original Grand Prix example by increasing the demand at each regions by 200, so that total demand is well above total plant capacity. However, now interpret these demands as maximum sales,...
Rework Problem 10.14, part a, but exclude the region information. a. Comment on the difference in the models you have found. Is there indication that the region information substantially improves the...
In the engine system shown, l = 8 in. and b = 3 in. Knowing that the crank AB rotates with a constant angular velocity of 1000 rpm clockwise, determine the velocity of piston P and the angular...
Havana Hats makes the world's best hats. Information for the last eight months follows: Number of Hats Month January Produced Total Cost 1,800 $ 9,000 February 4,890 15,648 March 2,300 10,350 April...
Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding its latest job. a. Materials were purchased on account. $18,996 purchased b. A materials...
Red, Green and Blue Given a pixel sequence consisting of red, green and blue pixels find the count of all contiguous subsequences such that each subsequence has a minimum length of 3 and the sequence...
What is the most common type of grounding on primary distribution systems?
What is the most common primary distribution voltage class in the United States?
Why are reclosers used on overhead primary radial systems and overhead primary loop systems? Why are they not typically used on underground primary radial systems and underground primary loop systems?
Are laterals on primary radial systems typically protected from short circuits? If so, how (by fuses, circuit breakers, or reclosers)?
What role does AI play in combating the negative use of AI and other technologies? Do you think firms are winning? Why or why not (conduct research online and offer examples to support your position).
II. Write the vowel/diphthong symbol of each word. Then, write S if the vowel/diphthong sounds of the pair of words are similar; D if different and H if homophones. Example: _D_ 1. crowd [aw] flowed...
Question 2 For an n x n matrix A = form) via (aij)
Sharon Gallagher and Josh Thomas have assessed the internal controls at Cloud 9 as being effective at an entity level. This means that, at a high level, the company demonstrates an environment where...
Your client is a regional motel chain. It owns 27 properties in your region and manages another 40 properties for absentee owners. All the motels are located on interstate highways and achieve at...
When an auditor identifies internal control deficiencies, what levels of internal control deficiencies must be reported to those charged with governance of the entity? a. Material weaknesses only. b....
An economy is described by the following equations: Desired consumption $C^{d}=300+0.5(Y-T)-300 r$. Desired investment $\quad I^{d}=100-100 r$. Government purchases $\quad G=100$. Taxes...
Consider the following Keynesian closed economy: Consumption $\quad C=388+0.4(Y-T)-600 r$. Investment $I=352-400 r$. Government purchases $G=280$. Taxes $\quad T=300$. Full-employment output...
How do the assumptions of prices in the Keynesian and classical models have different implications on monetary policy?

Based on the defining and understanding of audit sampling: 1. Why it is important for the auditor

Question:

Expert Answer:

Answer 1 The auditor ought to check the operative effectiveness of managementan impactan impressiona... View the full answer

Auditing A Practical Approach with Data Analytics

Students also viewed these general management questions