 Show Audit Sampling (Test of Control) 1. The entire set of data from which a sample is selected and about which the auditor wishes to draw conclusions is A. Population B. Sample C. Sampling unit D. Database 2. The risk that the auditor's conclusion based on a sample may be different from the conclusion if the entire population were subjected to the same audit procedure is A. Sampling risk B. Non-sampling risk C. Risk of incorrect rejection D. Risk of incorrect acceptance 3. A 3. Sampling risk that leads the auditor to conclude that controls are more effective than they actually are is A. Risk of assessing control risk too low B. Risk of assessing control risk too high C. Risk of incorrect rejection D. Risk of incorrect acceptance 4. C 4. Sampling risk that leads the auditor to conclude that a material misstatement exists when in fact it does not is A. Risk of assessing control risk too low B. Risk of assessing control risk too high C. Risk of incorrect rejection D. Risk of incorrect acceptance 5. D 5. Of the four erroneous conclusions from a sampling risk, the auditor is primarily concerned with A. Risk of assessing control risk too low B. Risk of assessing control risk too high C. Risk of incorrect rejection D. Risk of incorrect acceptance 6. B 6. Which is not true of an "Alpha risk" in sampling? I. It is the risk of assessing control risk too high or the risk of incorrect rejection. II. It relates to the effectiveness of the audit. III. It usually leads the auditor to additional work to establish that initial conclusions were incorrect. A. I and II only B. I and III only C. II and III only D. I, II, and III 7. The likelihood of assessing control risk too high is the risk that the sample selected to test controls A. Does not support the auditor's planned assessed level of control risk when the true operating effectiveness of the control structure justifies such an assessment B. Contains misstatements that could be material to the financial statements when aggregated with misstatements in other account balances or transactions classes C. Contains proportionately fewer monetary errors or deviations from prescribed controls than exist in the balance or class as a whole D. Does not support the tolerable error for some or all of management's assertions 8. B 8. A misstatement or deviation that is demonstrably not representative of misstatements or deviations in a population A. Sampling risk B. Anomaly C. Error D. Corruption Audit Sampling PSA 530 (Test of Controls) 9. The process of dividing a population into subpopulations, each of which is a group of sampling units which have similar characteristics (often monetary value) is A. Division B. Stratification C. Grouping D. Characterization When would an auditor use attribute sampling?Attribute sampling is used in audit procedures, helping analyze the characteristics of a given population. This statistical process helps determine whether internal controls are being followed.
For which of the following would the auditor most likely use attribute sampling *?For which of the following audit tests would an auditor most likely use attributes sampling? Inspecting employee time cards for proper approval by supervisors.
What is sampling in internal audit?Audit sampling is defined as, the application of audit procedures to less than 100 percent of items within a class of transactions or account balance such that all sampling units have a chance of selection.
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For which of the following would an internal auditor most likely use attribute sampling?
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