Question: 1. List the steps involved in attribute sampling. 2. What is meant by sampling risks and what is its impact on audit findings? 3. Identify

1. List the steps involved in attribute sampling.

2. What is meant by "sampling risks" and what is its impact on audit findings?

3. Identify and define the factors that affect the size of an attribute sample.

4. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities.

Discuss a situation within Payroll or Accounts Payable where data analytics could be used by an Internal Auditor. Briefly describe the information to be analyzed and what potential results would be expected? (i.e. How would the population of data be defined? What controls is being tested?

What additional testing beyond data analytics, if any, would be required to reach an audit conclusion?).

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1 Steps involved in attribute sampling 1 Define the objective Determine the specific attribute to be tested and the purpose of the sampling 2 Define the population Identify the population from which t... View full answer

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