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Auditing & Assurance 101 Practice Test: Audit Sampling for Tests of Details and Balances
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Avg score: 13% • Most missed: “Your audit sampling program states:”
Audit sampling for tests of details of balances is a technique that auditors use to measure monetary misstatements. It involves selecting less than 100% of the items in a population for audit, and then applying audit procedures to the sample. The results from the sample are then used to estimate the population, and the auditor can use this information to issue opinions.  Auditors use audit sampling to: - Reduce the risk of assessed control - Determine if the exception rate in the population is low enough - Confirm that the control is working effectively for auditing internal control over... Show more
Auditing & Assurance 101 Practice Test: Audit Sampling for Tests of Details and Balances
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25 Questions

1. The sample size is inversely related to the computed precision interval in difference estimation; that is, as sample size increases, the computed precision interval decreases.
2. If acceptable audit risk is increased, acceptable risk of incorrect acceptance should be:
3. The purpose of stratification is to permit auditors to emphasize certain aspects of a population and deemphasize others.
4. What is the primary objective of using stratified sampling in auditing?
5. In monetary unit sampling, a sampling interval of 900 means that:
6. When selecting a sample size for substantive tests of balances which factor, other factors being equal, would result in a larger sample?
7. The auditors principal objective when using a sample of tests of details of balances is whether the:
8. Overstatement and understatement amounts are dealt with separately and then combined when generalizing from the sample to the population when applying monetary unit sampling (MUS).
9. The primary factor affecting the auditor's acceptable risk of incorrect acceptance is assessed as inherent risk when quantifying audit risk.
10. The major reason that the difference and ratio estimation methods would be expected to produce audit efficiency is that the:
11. Required sample size increases as the auditor's tolerable misstatement for an account balance or class of transactions decreases.
12. In evaluating sample results for tests of details, auditors must evaluate exceptions identified by the performance of audit procedures.
13. Which of the following does not have to be considered in determining the initial sample size of a test of details?
14. The risk of incorrect rejection is important only when there is a ________ cost to increasing the sample size.
15. Acceptable risk of incorrect rejection affects auditors' action only when they conclude that a population is:
16. When auditors apply MUS to a sample, the sample is selected using random sampling techniques.
17. Which of the following sampling plans would be designed to estimate a numerical measurement of a population, such as a dollar value?
18. The purpose of stratified sampling is to achieve a greater confidence level (lower risk of incorrect acceptance) for a given sample size.
19. Your audit sampling program states: the upper misstatement limit is $13,200 and the risk of incorrect acceptance is at the 95% confidence level. This means:
20. When using monetary-unit sampling, the recorded dollar population is a definition of all the items in the:
21. Difference estimation frequently results in smaller sample sizes than any other variables sampling method.
22. While performing a substantive test of details during an audit, the auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. Which of the following is the least likely auditor reaction to this discovery?
23. Tolerable misstatement is inversely related to sample size.
24. When using monetary-unit sampling, evaluating the likelihood of unrecorded items in the population is:
25. An auditor uses monetary unit sampling with a sampling interval of $20,000 and detects an item with a recorded amount of $10,000 with an audited value of $4,000. The projected misstatement of the sample is:

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