Auditing quizlet

Ensures all items stand an equal chance

Random number sampling

The method of sampling is a value-weighted selection

Monetary unit sampling

This method of sampling involves selecting a block

Block selection

The application of audit procedure to less than 100%

Audit sampling

The risk that the auditor’s conclusion

Sampling risk

The process of dividing a population into sub-population

Stratification

A classical variable sampling technique

Difference estimation

A rate of deviation from prescribed internal control

Tolerable rate of deviation

Sampling plans designed to estimate a numerical measurement

Variable sampling
Method divide number of sampling units

Systematic selection

When the auditor uses this method, he does so without following a structured tech

Haphazard Selection

The entire set of data from which a sample is selected about which the auditor wishes to draw conc

Population

The individual items constituting a population

Sampling unit

Models use normal distribution theory

Classical variable sampling

The risk that sample results indicate that a population

Risk of Incorrect acceptance

Increase population size

Increase

Decrease sample risk

Increase

Decrease tolerable misstatement

Increase
Increase expected misstatement

Increase

Increased assessed level of RMM

Increase

Increase audit risk

Decrease

Less substantive

Decrease

Decrease assessed level of CR

Decrease

Decrease confidence level

Decrease

Decrease materiality

Increase