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A) Risk of assessing control risk (and the risk of material

misstatement) too high.

B) Risk of not identifying a misstatement included in a

sample.

C) Risk of incorrect acceptance.

D) Risk of sampling results indicating that a population is

materially misstated when it is not.

control activities?

A) Attributes sampling

B) Discovery sampling.

C) Probability proportional sampling

D) Classical variables sampling.

auditor finds a higher than expected deviation rate when

sampling controls?

A) Triple the size of the sample to further analyze

potential problems.

B) Project the level of deviation to the entire sample, and

if material qualify the audit opinion.

C) Continue to selection items from the population until

the error rate diminishes to a tolerable level.

D) Expand substantive procedures.

estimated total audited value of a population of accounts

receivable as which of the following?

A) A summation of the total individual accounts values in

the population.

B) The sample mean audited value multiplied by the

number of items in the population.

C) The estimated total audited value of the population

multiplied by the number of items in the sample.

D) The summation of the sample multiplied by the number

of discrete samples in the population.

estimation is which of the following?

A) Difference between the sample audited mean and the

population audited mean.

B) Difference between the projected misstatement and

the population mean for the population.

C) Difference between the book value of the population

and the sample audited mean multiplied times the

number of items in the population.

D) Average difference between the projected audit value

and the book value of an account.

mean-per-unit estimation?

A) The maximum misstatement that may exist without

causing an account to be materially misstated.

B) The "bounds" around the sample mean that we would

expect the value to fall within to be correct.

C) The "projected" misstatement in the population based

upon the sample chosen.

D) The upper limit (or lower limit for liabilities) of asset

values for which the book value may exceed that

sample mean without being materially misstated.

sampling risk under mean-per-unit estimation?

A) The projected misstatement in the population based

upon the sample chosen.

B) The maximum misstatement that may exist without

causing the financial statements to be materially

misstated.

C) An amount used to calculate the "bounds" around the

sample mean that we would expect the value to fall

within to be correct.

D) The upper limit (or lower limit for liabilities) of asset

values for which the book value may exceed that

sample mean without being materially misstated.

8 In the course of auditing accounts receivable, the auditors

calculated the estimated total audited value ($3,100,000), the

allowance for sampling risk ($100,000), and the tolerable

misstatement ($175,000). If the book value of accounts

receivable is $3,250,000, what is the audit conclusion and

projected misstatement?

A) Conclude the book value is materially misstated and

the projected misstatement is $150,000.

B) Conclude the book value is materially misstated and

the projected misstatement is $50,000.

C) Conclude the book value is not materially misstated

and the projected misstatement is $150,000.

D) Conclude the book value is not materially misstated

and the projected misstatement is $50,000.

techniques most likely to be preferable to the mean-per-unit

estimation method?

A) The choice between any of the methods method is

irrelevant, since they all provide similar results.

B) When differences between book and audited values are

infrequent.

C) When differences between book and audited values are

frequent.

D) When differences between book and projected

misstatement is estimated to be small.

value of $40,000 (Average book value = $40). An audited

sample of 50 accounts resulted in the following mean values:

Book value of $38.00

Audited value of $39.20

What is the estimated total audited value using mean per unit

sampling?

A) $38,000

B) $38,776

C) $39,200

D) $41,200

11 A company's 1,000 accounts receivable have a total book

value of $40,000 (Average book value = $40). An audited

sample of 50 accounts resulted in the following mean values:

Book value of $38.00

Audited value of $39.20

What is the estimated total audited value using difference

estimation sampling?

A) $38,000

B) $38,776

C) $39,200

D) $41,200

value of $40,000 (Average book value = $40). An audited

sample of 50 accounts resulted in the following mean values:

Book value of $38.00

Audited value of $39.20

What is the estimated total audited value using ratio

estimation sampling?

A) $38,776

B) $39,200

C) $41,200

D) $41,263

nonstatistical sample, the reliability factor used takes into

consideration the auditor's assessment of?

A) Control risk, inherent risk, and risk related to other

substantive procedures.

B) Control risk and detection risk.

C) Control risk and inherent risk.

D) Detection risk.

nonstatistical sampling in substantive testing?

A) In nonstatistical sampling the determination of the

sample size is ad hoc based upon the auditors'

professional judgment.

B) In nonstatistical sampling the level of risk is not

formally quantified, instead auditors use their

professional judgment.

C) The results of nonstatistical sampling are not as

reliable as those in statistical sampling.

D) Nonstatistical sampling uses more randomized methods

for sample selection and thus is more reliable.

$95,000, while the tolerable misstatement is $100,000, what

would an auditor likely conclude?

A) Since the projected misstatement is less than the

tolerable misstatement, the auditor would conclude the

account is not misstated.

B) Since the projected misstatement is less than the

tolerable misstatement, the auditor would conclude the

account is misstated.

C) The auditor would conclude that the risk is high that

the account is materially misstated.

D) There is not enough information to answer this

question.

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