Which non-sampling risk arises whenever an auditor

Assignment Help Accounting Basics
Reference no: EM132698095

Problem 1: Sampling is a method of obtaining information that will permit an estimate of the value or quality of a population by examining only a portion of the population. Which of the following statements is false?

Option 1: Auditors will sample to achieve reasonable assurance.

Option 2: When sampling, auditors will always consider costs vs. benefits.

Option 3: Sampling will never be able to provide absolute assurance.

Option 4: Auditors will always sample to keep overall costs of performing the audit reasonable.

Problem 2: Non-sampling risk arises whenever an auditor

Option 1: does not use sampling.

Option 2: uses an inappropriate audit procedure.

Option 3: examines too many items in a population.

Option 4: does not examine all of the items in population.

Reference no: EM132698095

Questions Cloud

Should kumquat farms ltd lease or buy the picking machine : Kumquat Farms Ltd. has decided to acquire a kumquat picking machine. Should Kumquat Farms Ltd. lease or buy the picking machine?
What is the expected return of mgm stock : Suppose MGM has a beta of 3.32 and AEP has a beta of 0.28. If the risk-free interest rate = 4.0% and the market risk premium = 10%, according to the CAPM:
How the pandemic covid 19 affect the performance : Describe how the pandemic Covid 19 affect the performance of Multinational Company (MNCs) through financial and non-financial implication.
Find five competitive forces : What are five competitive forces that need to be addressed for strategic planning? Please provide diagrammatically the linkage between planning and budgeting.
Which non-sampling risk arises whenever an auditor : Which Non-sampling risk arises whenever an auditor? does not examine all of the items in population. / examines too many items in a population.
Computation of an overhead application rate : Calculate contribution margin per unit and Calculate contribution margin ratio - explain the role of this item in the computation of an overhead application
Discuss different types of groups of financial ratios : Discuss different types of groups of financial ratios. Give example of at least one type of ratio with in each group as follows: a) What type of financial state
What is the equivalent annual cost of the tool : What is the equivalent annual cost of the tool? (Enter your answer as positive value. Round your answer to the nearest cent
Which sampling method involves the selection of items : Which is An advantage of using statistical over non-statistical sampling methods in tests of controls is that the statistical methods

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the amounts of the buildings

Determine the amounts of the buildings and the land that XYZ will record on its books related to the lump-sum purchase

  Calculation of employment income

Calculation of employment income - Monopoly Inc. paid premiums of $2,233 to cover private health care for Aidan in 2020

  The tippa canoe company makes fiberglass canoes the

the tippa canoe company makes fiberglass canoes. the fiberglass resin is initially molded to the shape of a canoe then

  Prepare the cost of goods sold section of income statement

Calculate the Cost of Goods Sold and the Ending Inventory values for the fertilizer products. Prepare the Cost of Goods Sold section of the Income Statement.

  Prepare a kaizen-based budgeted income statement

Yang Company is developing its budgets for 2021 and, for the first time, will use the kaizen approach. Prepare a kaizen-based budgeted income statement

  What correcting entries would need to be made to properly

What correcting entries would need to be made to properly record interest on Frosty Co.'s construction project if John and Elsa are right? What correcting entries would need to be made to properly record interest on Frosty Co.'s construction project ..

  Should the auditor look for these types of transactions in

tyco is a conglomerate organization that had 36 billion inrevenue. in a court trial it was alleged that the ceo of the

  What is the amount of cash that buyer pays the seller

A sales invoice included the following information: merchandise price, $68,000; what is the amount of cash that buyer pays the seller

  Make an acquisition analysis at july

Make an acquisition analysis at 1 July 2020. On 1 July 2020, Parent Ltd acquired 80% of the shares in Subsidiary Ltd for $150,000.

  Explain what changes should be made to clearvoices

clear voice company a communications equipment manufacturerrecently fell victim to a fraud scheme developed by one of

  Elston company issued 450000 of 11 20-year bonds at 108 on

elston company issued 450000 of 11 20-year bonds at 108 on january 1 2010. interest is payable semiannually on july 1

  Financial statements on the internet

When the stock market is going up over a long period of time, investors can become complacent about the risks of being a stockholder.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd