Reference no: EM132974245
QUESTIONS
1: What is meant by tolerable misstatement, tolerable rate of deviation and confidence level?
2: What is the difference between sampling risk and non-sampling risk?
3: Identify and describe the four types of sampling risk that may occur in audit sampling including how they occur and how they impact an audit.
4: Identity the three methods of selecting the sample that are suggested in ASA 530 (ISA 530) and explain how each is conducted.
5: Discuss the benefits to the auditor from using statistical sampling.
6: Explain the difference between selective testing and stratification in selecting Items for audit testing.
7: For tests of controls and substantive tests, identify the purpose of the test and what errors are being sought.
8: Identify the two statistical sampling methods available for substantive testing and list the situations when you would use these methods.
9: Explain why an auditor may decide to use non-statistical sampling.
10: Explain how the audit considers the qualitative aspects of errors found in a sample and how errors in the sample arc extrapolated to the population.
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