What is the importance of sampling in audit testing?

What is the importance of sampling in audit testing?
by

1 Answer

Answer :

It takes too much time and effort to check each transaction.
by

Related questions

What is the importance of sampling in audit testing?

Description : What is the importance of sampling in audit testing?

Last Answer : It takes too much time and effort to check each transaction.

The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used in confirming accounts receivable. b. Pending legal matters to be included in the inquiry of the client's attorney. c. Evidence to be gathered to provide a sufficient basis for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf

Description : The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used ... for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf

Last Answer : Schedules and analyses to be prepared by the client's staf

In connection with the examination of financial statements, an independent auditor could be responsible for failure to detect a material fraud if a. Accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier. b. The auditor planned the work in a hasty and inefficient manner. c. Statistical sampling techniques were not used on the audit engagement. d. The fraud was perpetrated by one client employee, who circumvented the existing internal control

Description : In connection with the examination of financial statements, an independent auditor could be responsible for failure to detect a material fraud if a. Accountants performing important parts of the ... . The fraud was perpetrated by one client employee, who circumvented the existing internal control

Last Answer : The auditor planned the work in a hasty and inefficient manner.

In connection with the examination of financial statements, an independent auditor could be responsible for failure to detect a material fraud if a. Statistical sampling techniques were not used on the audit engagement. b. The fraud was perpetrated by one client employee, who circumvented the existing internal control. c. The auditor planned the work in a hasty and inefficient manner. d. Accountants performing important partsof the work failed to discover a closerelationship between the treasurer andthe cashie

Description : In connection with the examination of financial statements, an independent auditor could be responsible for failure to detect a material fraud if a. Statistical sampling techniques were not used on ... partsof the work failed to discover a close relationship between the treasurer and the cashie

Last Answer : The auditor planned the work in a hasty and inefficient manner.

A successor auditor most likely would make specific inquiries of the predecessor auditor regarding a. Specialized accounting principles of the client's industry. b. Disagreements with management as to auditing procedures. c. The competency of the client's internal audit staff. d. The uncertainty inherent in applying sampling procedures.

Description : A successor auditor most likely would make specific inquiries of the predecessor auditor regarding a. Specialized accounting principles of the client's industry. b. Disagreements with management as to ... the client's internal audit staff. d. The uncertainty inherent in applying sampling procedures.

Last Answer : Disagreements with management as to auditing procedures

What is prototype of an advertisement? Explain CLT and Quota Sampling process of testing prototypes . -Technology

Description : What is prototype of an advertisement? Explain CLT and Quota Sampling process of testing prototypes . -Technology

Last Answer : Prototype of an advertisement is a sample of an ad which is used to test the effectiveness of an advertising campaign before the launch of the product in market.CLT - Central Location Test ... each segment based on a specified proportion.Quota sampling is of two types -qualitative and quantitative.

Which is not a direct threat to the internal validity of a research design? a. History b. Testing c. Sampling error d. Differential selection

Description : Which is not a direct threat to the internal validity of a research design? a. History b. Testing c. Sampling error d. Differential selection

Last Answer : c. Sampling error

Which of the following least likely limits the auditor’s ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b. Most audit evidences are conclusive rather than being persuasive. c. Audit is based on testing d. Audit procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements

Description : Which of the following least likely limits the auditor's ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b ... procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements

Last Answer : Most audit evidences are conclusive rather than being persuasive

Which statement best describes the emphasis of the systems and substantive approaches in the audit plan? a. A thoroughly designed systems approach to auditing can eliminate the need for any substantive procedures. b. The systems approach focuses on detailed testing of specific accounts for accuracy, while the substantive approach is the testing controls to make sure they are effective. c. The systems approach focuses on testing controls to make sure they are effective, while the substantive approach is the detailed testing of specific accounts for accuracy. d. The systems approach focuses on the use of computer systems to aid in the audit while the substantive approach focuses on more manual tests

Description : Which statement best describes the emphasis of the systems and substantive approaches in the audit plan? a. A thoroughly designed systems approach to auditing can eliminate the need for any ... computer systems to aid in the audit while the substantive approach focuses on more manual tests

Last Answer : The systems approach focuses on testing controls to make sure they are effective, while the substantive approach is the detailed testing of specific accounts for accuracy

An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. Each account balance will be tested under either tests of controls or tests of transactions. d. The audit procedures selected will achieve specific audit objectives

Description : An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date ... controls or tests of transactions. d. The audit procedures selected will achieve specific audit objectives

Last Answer : The audit procedures selected will achieve specific audit objectives

Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed testsb. Eliminating the need to observe thephysical inventory taking.c. Allowing the external auditor to limithis/her audit to the performance ofsubstantive test procedures.d. Limiting direct testing by the externalauditor to management assertions notdirectly tested by internal auditing.

Description : Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed tests b. Eliminating the need ... direct testing by the external auditor to management assertions not directly tested by internal auditing.

Last Answer : Decreasing the external auditor's need to perform detailed tests

Which of the following is not one of the limitations of an audit? a. The use of testing b. Limitations imposed by client c. Human error d. Nature of evidence that the auditor obtains

Description : Which of the following is not one of the limitations of an audit? a. The use of testing b. Limitations imposed by client c. Human error d. Nature of evidence that the auditor obtains

Last Answer : Limitations imposed by client

An auditor should design a written audit program so that: a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance will be tested under either tests of controls or tests of transactions

Description : An auditor should design a written audit program so that: a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized ... . d. Each account balance will be tested under either tests of controls or tests of transactions

Last Answer : The audit procedures selected will achieve specific audit objectives

Inherent limitations in an audit stem from the following factors except a. Use of testing. b. Incompetence of the auditor. c. Internal control limitation. d. Most audit evidence is persuasive rather than conclusive

Description : Inherent limitations in an audit stem from the following factors except a. Use of testing. b. Incompetence of the auditor. c. Internal control limitation. d. Most audit evidence is persuasive rather than conclusive

Last Answer : Incompetence of the auditor

Which of the following is not among the factors that result to limitations of audit? a. Use of testing b. Human error c. Going concern problem of the assurance client d. Evidence is basically persuasive rather than conclusive

Description : Which of the following is not among the factors that result to limitations of audit? a. Use of testing b. Human error c. Going concern problem of the assurance client d. Evidence is basically persuasive rather than conclusive

Last Answer : Going concern problem of the assurance client

. A security audit performed on the internal network of an organization by the network administration is also known as ___________. A. Grey-box testing B. Black-box testing C. White-box testing D. Active testing

Description : . A security audit performed on the internal network of an organization by the network administration is also known as ___________. A. Grey-box testing B. Black-box testing C. White-box testing D. Active testing

Last Answer : C. White-box testing

A security audit performed on the internal network of an organization by the network administration is also known as ___________. a. Grey-box testing b. Black-box testing c. White-box testing d. Active testing E. Passive testing

Description : A security audit performed on the internal network of an organization by the network administration is also known as ___________. a. Grey-box testing b. Black-box testing c. White-box testing d. Active testing E. Passive testing

Last Answer : c. White-box testing

A security audit performed on the internal network of an organization by the network administration is also known as ___________. A. Grey-box testing B. Black-box testing C. White-box testing D. Active testing E. Passive testing

Description : A security audit performed on the internal network of an organization by the network administration is also known as ___________. A. Grey-box testing B. Black-box testing C. White-box testing D. Active testing E. Passive testing

Last Answer : C. White-box testing

A security audit performed on the internal network of an organization by the network administration is also known as ___________. ∙ A. Grey-box testing ∙ B. Black-box testing ∙ C. White-box testing ∙ D. Active testing ∙ E. Passive testing

Description : A security audit performed on the internal network of an organization by the network administration is also known as ___________. ∙ A. Grey-box testing ∙ B. Black-box testing ∙ C. White-box testing ∙ D. Active testing ∙ E. Passive testing

Last Answer : C. White-box testing

State the importance of Secretarial Audit?

Description : State the importance of Secretarial Audit?

Last Answer : State the importance of Secretarial Audit?

In the case of developing country which sector assumes a critical importance in view of the ever increasing needs A. Energy sector C. Energy audit sector B. Energy management sector D. Energy saving sector

Description : In the case of developing country which sector assumes a critical importance in view of the ever increasing needs A. Energy sector C. Energy audit sector B. Energy management sector D. Energy saving sector

Last Answer : Energy sector

The Importance of pH Testing in Gardening?

Description : The Importance of pH Testing in Gardening?

Last Answer : There are many tools that gardeners can use to improve the yieldthat their gardens produce. For example, a gardener can add compostto enrich the soil and use pesticides or natural pest controlmethods ... or alkaline.For example, rhododendrons do not like to grow in soil thatcontains lime. Other

The importance of cloud computing testing?

Description : The importance of cloud computing testing?

Last Answer : Cloud computing is only as good as its testing and maintenance. After all, people need to make sure that systems are up and running and working well. This improves performance. A basic internet search ... how to test cloud computing. The more people know, the better cloud computing testing will be.

The Importance of STD Testing ?

Description : The Importance of STD Testing ?

Last Answer : h4> Why is STD testing important?All sexually-active people should make sure that they get checked for STDs on a regular basis. There are a number of STDs that can cause infertility, heart ... one's judgment is impaired, he may have sex without a condom without thinking about the consequences.

What is the importance of blood type testing?

Description : What is the importance of blood type testing?

Last Answer : When a person is receiving an organ transplant, it is necessary for the receiving organ to come from a person with a blood type similar or complimentary to the receiver's blood type. This helps ensure that the organ will not be rejected by the receiver's body.

Bone density testing in patients with post-polio syndrome has demonstrated a) low bone mass and osteoporosis. Bone density testing in patients with post-polio syndrome has demonstrated low bone mass and osteoporosis. Thus, the importance of identifying risks, preventing falls, and treating osteoporosis must be discussed with patients and their families.

Description : Bone density testing in patients with post-polio syndrome has demonstrated a) low bone mass and osteoporosis. Bone density testing in patients with post-polio syndrome has demonstrated low bone ... density testing in patients with post-polio syndrome has demonstrated low bone mass and osteoporosis.

Last Answer : a) low bone mass and osteoporosis. Bone density testing in patients with post-polio syndrome has demonstrated low bone mass and osteoporosis. Thus, the importance of identifying risks, preventing falls, and treating osteoporosis must be discussed with patients and their families.

Sociologists: What kind of sampling method is it when you make an open survey that anyone can answer?

Description : Sociologists: What kind of sampling method is it when you make an open survey that anyone can answer?

Last Answer : Qualitative cross-sectional, maybe?

Who sells those blood-curdlingly festive holiday sweaters that those among us,with any taste,have avoided sampling like hot death?

Description : Who sells those blood-curdlingly festive holiday sweaters that those among us,with any taste,have avoided sampling like hot death?

Last Answer : Try Goodwill. I usually see a ton of them there. Got a hot date, do ya? ;)

Transferring DATS to PC via Optical Out and maintaining 48K sampling. what program allows me to do this?

Description : Transferring DATS to PC via Optical Out and maintaining 48K sampling. what program allows me to do this?

Last Answer : Your sound card needs to have the sync set to Optical or External so that the word clock syncs to the DAT; the DAT is the master, and the sound card is the slave. Otherwise, both decks will ... well DATs are native 16-bit recorders, whereas newer digital formats (i.e. Digital Video) is 24-bit.

Should I use a higher sampling rate when encoding songs in iTunes?

Description : Should I use a higher sampling rate when encoding songs in iTunes?

Last Answer : answer:There's definitely an audible difference between 128 and 256 if you're using good equipment. In my experience, the difference is not noticeable in everyday use for most tracks. But I keep ... that certain headphones make my ears fatigued. Since you have the space, go for the higher quality.

What is quota sampling? Do you agree that the quota sampling is more reflective of the entire group? -Technology

Description : What is quota sampling? Do you agree that the quota sampling is more reflective of the entire group? -Technology

Last Answer : Quota sampling is a method for selecting survey participants. In quota sampling, a population is first segmented into mutually exclusive sub-groups. Then judgment is used to select the subjects or units from each segment based on a specified proportion.' {Rest of the answer is subjective}

Assertion : Foetal disorders can be diagnosed by chrionic villi sampling . Reason : Karyotyping cells be done by mitotically dividing cells of chrioni

Description : Assertion : Foetal disorders can be diagnosed by chrionic villi sampling . Reason : Karyotyping cells be done by mitotically dividing cells of chrioni

Last Answer : Assertion : Foetal disorders can be diagnosed by chrionic villi sampling . Reason : Karyotyping cells ... If both the assertion and resson are false.

What do you know about FORENSIC LAB DNA LAB SAMPLING?

Description : What do you know about FORENSIC LAB DNA LAB SAMPLING?

Last Answer : very important to got save sampling

Chorionic villus sampling?

Description : Chorionic villus sampling?

Last Answer : DefinitionChorionic villus sampling (CVS) is the removal of a small piece of placenta tissue (chorionic villi) from the uterus during early pregnancy to screen the baby for genetic defects.How the test is ... the uterus. Your vulva, vagina, cervix, and abdomen are cleaned with an antiseptic.The tr

How does an air sampling pump work?

Description : How does an air sampling pump work?

Last Answer : An air sampling pump measures contaminants such as biological and environmental present in a sample of air. The sample of air is drawn into a tube which is attached to the pump. The air is vaporized and the particular contaminants presence is measured.

Which of the following techniques would be most useful in the differential diagnosis between ectopic Cushing's syndrome and pituitary dependent Cushing's disease. 1) Urine free cortisol 2) High dose Dexamethasone suppression test 3) ACTH concentrations 4) Inferior petrosal sinus sampling 5) CRF test

Description : Which of the following techniques would be most useful in the differential diagnosis between ectopic Cushing's syndrome and pituitary dependent Cushing's disease. 1) Urine free cortisol 2) ... Dexamethasone suppression test 3) ACTH concentrations 4) Inferior petrosal sinus sampling 5) CRF test

Last Answer : Answers-4 Inferior petrosal sinus sampling with an elevated central ACTH concentration compared with the peripheral value is the most valuable test in the differential diagnosis of either Cushing's disease or ectopic Cushing's syndrome. The other tests are far less useful in comparison.

12 voice channels are sampled at 8000 sampling rate and encoded into 8 bit PCM word. Determine the rate of the data stream. a. 354 kbps b. 750 kbps c. 768 kbps d. 640 kbps

Description : 12 voice channels are sampled at 8000 sampling rate and encoded into 8 bit PCM word. Determine the rate of the data stream. a. 354 kbps b. 750 kbps c. 768 kbps d. 640 kbps

Last Answer : c. 768 kbps

Steps to follow to produce PCM signal. A. Quantizing, sampling, and coding B. Sampling, quantizing, and coding C. Sampling, coding and quantizing D. Coding, quantizing and coding

Description : Steps to follow to produce PCM signal. A. Quantizing, sampling, and coding B. Sampling, quantizing, and coding C. Sampling, coding and quantizing D. Coding, quantizing and coding

Last Answer : B. Sampling, quantizing, and coding

Highest theoretical frequency that can be processed at a sampling rate without aliasing. A. Folding frequency B. Resonant frequency C. Natural frequency D. Critical frequency

Description : Highest theoretical frequency that can be processed at a sampling rate without aliasing. A. Folding frequency B. Resonant frequency C. Natural frequency D. Critical frequency

Last Answer : A. Folding frequency

What is the advantage of PTM over PAM? A. All of these B. Low sampling rate is required C. Much better noise immunity D. Simpler to generate

Description : What is the advantage of PTM over PAM? A. All of these B. Low sampling rate is required C. Much better noise immunity D. Simpler to generate

Last Answer : C. Much better noise immunity

ECE Board Exam March 1996 According to the Nyquist theorem, the sampling rate that can be used in a PCM system is ________ the highest audio frequency. A. once B. eight times C. twice D. thrice

Description : ECE Board Exam March 1996 According to the Nyquist theorem, the sampling rate that can be used in a PCM system is ________ the highest audio frequency. A. once B. eight times C. twice D. thrice

Last Answer : C. twice

A planning phase for an engineering component generated 80 engineering drawings. The QA team randomly selected 8 drawings for inspection. This exercise can BEST be described as example of: A. Inspection B. Statistical Sampling C. Flowcharting D. Control Charting

Description : A planning phase for an engineering component generated 80 engineering drawings. The QA team randomly selected 8 drawings for inspection. This exercise can BEST be described as example of: A. Inspection B. Statistical Sampling C. Flowcharting D. Control Charting

Last Answer : B. Statistical Sampling

.A planning phase for an engineering component generated 80 engineering drawings. The QA team randomly selected 8 drawings for inspection. This exercise can BEST be described as example of:A. Inspection B. Statistical Sampling C. Flowcharting D. Control Charting

Description : .A planning phase for an engineering component generated 80 engineering drawings. The QA  team randomly selected 8 drawings for inspection. This exercise can BEST be described as  example of: A. Inspection B. Statistical Sampling C. Flowcharting D. Control Charting

Last Answer : B. Statistical Sampling

Which of the following is the most efficient means of product quality inspection?1. Acceptance sampling 2. 100% inspection 3. Variable sampling 4. a and c

Description : Which of the following is the most efficient means of product quality inspection? 1. Acceptance sampling  2. 100% inspection  3. Variable sampling  4. a and c

Last Answer : 3. Variable sampling

Phenomena in which signal transmitted in one circuit creates undesired effect in other circuit is known as A. crosstalk B. signal attenuation C. sampling D. crosslinking

Description : Phenomena in which signal transmitted in one circuit creates undesired effect in other circuit is known as A. crosstalk B. signal attenuation C. sampling D. crosslinking

Last Answer : crosslinking

Which of the following concepts is most useful in assessing the scope of an auditor's program relating to various accounts? a. Attribute sampling b. Management fraud c. Materiality d. The reliability of information

Description : Which of the following concepts is most useful in assessing the scope of an auditor's program relating to various accounts? a. Attribute sampling b. Management fraud c. Materiality d. The reliability of information

Last Answer : Materiality

There arethree sampling methods: __________. A) quantized, sampled, and ideal B) ideal, sampled, andflat-top C) ideal, natural, and flat-top D) none of the above

Description : There arethree sampling methods: __________. A) quantized, sampled, and ideal B) ideal, sampled, andflat-top C) ideal, natural, and flat-top D) none of the above

Last Answer : ideal, natural, and flat-top

The first step in PCM is ________. A) quantization B) modulation C) sampling D) none of the above

Description : The first step in PCM is ________. A) quantization B) modulation C) sampling D) none of the above

Last Answer : sampling

The most common technique to change an analog signal to digitaldata is called __________. A) PAL B) PCM C) sampling D) none of the abov

Description : The most common technique to change an analog signal to digitaldata is called __________. A) PAL B) PCM C) sampling D) none of the abov

Last Answer : PCM