Audit sampling

Value-weighted selection in which sample size, selection and evaluation results in a conclusion in monetary amounts, is known as:

• Haphazard sampling
• Monetary Unit Sampling
• Stratified Sampling
• Interval sampling

The extent of tests of controls depends on the audit evidence sought about operating effectiveness, the frequency with which the control operates, the period of reliance, and the expected number of deviations.

• True
• False

______ sampling menas sample items are selected in such a way that each sampling unit has a known probability of being selected

• Non Statistical Sampling
• Random Sampling
• Haphazard Sampling

Stratification is generally applied in:

• Statistical Sampling
• Non Statistical Sampling

Which of the following is not a factor used to determine sample size.

• Inherent Risk
• Control Reliance
• aggregate expected misstatement
• Detection Risk

Investigating misstatements does not include inquiries of management or others within the entity

• True
• False

When a population is divided into subpopulations, larger samples are taken from the subpopulation with the larger sizes, ________ is being used.

• Sampling with probability proportional to size
• Stratified sampling
• Block sampling
• Haphazard sampling

When the auditor goes through a population and selects items using nonprobabilistic selection methods, without regard to their size, source, or other distinguishing characteristics, it is called

• Block sample selection.
• Haphazard selection
• Systematic sample selection.
• Statistical selection

If the auditor decides to assess control risk at the moderate level in a private company audit, when in previous years the auditor set control risk at the maximum level, then tests of controls for the current year would be

• Increased in number
• Reduced in number.
• Not performed
• Unchanged from prior planned settings

Which of the following is an example of Dual Purpose Testing

• Closing Inventory Count
• A substantive test of sales transactions performed concurrently with a test of controls over those transactions
• Fixed asset addition testing
• All of the above