Internal Audit Sampling Quiz

What is the primary purpose of sampling in the internal audit process?

• To test all items in a population

• To ensure compliance with all regulations

• To gather sufficient and reliable evidence

• To eliminate the need for data analytics

Which type of sampling relies on professional judgment?

• Random sampling

• Systematic sampling

• Non-statistical sampling

• Statistical sampling

What does a representative sample ensure?

• It has characteristics similar to the population

• It is the same as the entire population

• It is always larger than the population

• It guarantees absolute certainty

What is the risk that results from a sample differ from the total population called?

• Judgmental risk

• Statistical risk

• Non-sampling risk

• Sampling risk

Which of the following is NOT a type of substantive test?

• Substantive tests of transactions

• Substantive tests of balances

• Control effectiveness tests

• Analytical procedures

What is the first step in the sampling process?

• Evaluate results

• Determine engagement objective

• Test the sample items

• Determine sample size

What is the advantage of statistical sampling?

• It requires no calculations

• It is quicker to perform

• It allows for objective statements about the population

• It is less expensive

What does stratification involve?

• Selecting random samples

• Testing all items in a population

• Calculating the mean of a sample

• Dividing a population into sub-populations

Which method involves selecting items at regular intervals?

• Systematic sampling

• Directed sampling

• Haphazard sampling

• Block sampling

What is the term for the individual item constituting a population?

• Sample group

• Sample size

• Sampling unit

• Population size