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Judgmental Sampling
The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with no use of any mathematical or statistical equipments. Statistical sampling is the drawing of inferences around a large volume of data by an inspection of a sample using statistical techniques in its selection.The benefits of judgment sampling:
Its disadvantages are:
Judgement sampling is yet the preferred technique by the majority of auditors and this is defended on the grounds which the auditor is weighing numerous pieces of evidence and is investigating many things at similar time that the entire procedure is too complex to be reduced to easy formulas.
Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject
Advantages and Disadvantages of a Continuous Audit Advantages: The regular or continual attendance of the auditor might act as a deterrent to scam; Weaknesses in the
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
Cash and Window Dressing - Building Society Cash Possibility of misappropriation and error usually accompany the handling of cash. Building societies transactions towards
Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit
techniques of vouching
Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona
Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.
B. For the one activity/process you ranked the most significant, identify and evaluate four risks. a. Two of the risk should be high to medium significance, and at least one shoul
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