Question: An auditor selects a sample size of 100 items from a population of 10,000 items. How large should the sample size be, all other things

An auditor selects a sample size of 100 items from a population of 10,000 items. How large should the sample size be, all other things being equal, if the population were 10,000,000 items? Explain your conclusion.

Step by Step Solution

★★★★★

3.38 Rating (142 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

When determining the appropriate sample size for an audit the auditor must consider factors such as ... View full answer

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 Statistical Sampling To Auditing Questions!

The firm of Buy and Best, CPAs, is engaged to conduct the audit of Radio Hut, a retailer of electronic and other high- technology products. Because of technological advances in Radio Huts inventory...

This WSJ article provides you with excellent historical perspective of how US financial audit practice have been evolved. This is the designated posting area for your article review based on your...

This activity presumes that you have already worked through Activity 9.1. In Section 9.2, it was suggested that a confidence interval of the form where is an alternative to the usual large-sample z...

\begin{tabular}{|r|r|r|r|l|} \hline \# & AccountsReceivableasperrecords & AccountsReceivableasperconfirmation & Misstatement amount & Tainting \% \\ \hline 1. & $2,708 & $2,498 & $210 & 7.75% \\...

Lenter Supply Company is a medium-sized distributor of wholesale hardware supplies in the central Ohio area. It has been a client of yours for several years and has instituted an excellent system for...

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...

e Let Us Try! 0' Hello! I hope you are having a good day. Before proceeding to Lesson 1, try to read and answer the activity below rst. Direction: Choose the letter of the correct answer and write...

Final Exam with numbers and answer choices removed Module # in red below The numbers given were replaced by X1, X2, X3, etc 1. Find the number of successes X1, suggested by the given statement: A...

ductory Statistics Third Edition Perdisco Assessment Below is a set of assessable homework questions on this topic, selected by your professor. Take care! Do not submit your answers until you have...

Multiple Choice 1 Which of the following sampling methods would be used to estimate a numeric measurement of a population, such as a dollar value? a. Random sampling. b. Numeric sampling. c....

Does lean production work in the service sector? Provide an illustration.

is organizing still an important managerial function? Why or why not?

Which of the following is an example of a categorical grant? funds provided by Congress to the states for education generally funds provided by Congress to the states for substance abuse prevention...

Calculating Growing Annuities You have 30 years left until retirement and want to retire with $2 million. Your salary is paid annually, and you will receive $70,000 at the end of the current year....

Ahospital administrator wants to estimate the mean number of admissions of patients in that hospital. Based on a systematic random sample of 100 records of patients for the previous year, she reports...

To estimate the proportion of traffic deaths in a region last year that were due to overspeeding, determine the necessary sample size for the estimate to be accurate to within 0.05 with probability...

A television network plans to predict the outcome of an election between Candidate A and Candidate B. They will do this with an exit poll on election day. They decide to use a random sample size for...

How will this look as a MICROBIT BLOCK CODE from microbit import * # Thresholds for temperature alarm TEMP _ HIGH = 3 0 # Adjust this value to the desired high temperature threshold in Celsius TEMP _...

Do It! Review 7-3 Wilma Company must decide whether to make or buy some of its components. The costs of producing 60,000 switches for its generators are as follows. Direct materials $29,000 Variable...

The three types of Accelerated Death Benefits are Terminal Illness, Dread Disease, and Long Term Care Insurance. Come up with at least one advantage and disadvantage (or concern) of each? Consider...