Attributes Sampling and Auditing

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Which of the following is the purpose of attributes sampling in auditing?

To estimate the extent to which a characteristic exists within a population (correct)

To compare estimated rate to an allowable rate

To identify key controls upon which auditors intend to rely

To determine the objective of sampling

What is a deviation condition in attributes sampling?

A situation in which control is not functioning as intended (correct)

A characteristic that exists within a population

A rate at which internal control activities are not functioning as intended

A key control upon which auditors intend to rely

How is the tolerable rate of deviation determined in attributes sampling?

Based on the estimated rate of deviation

Based on the desired level of control risk (correct)

Based on the population size

Based on the sampling risk

What is the purpose of establishing the sampling risk in attributes sampling?

To establish the desired level of control risk Signup and view all the answers

How is the expected population deviation rate estimated in attributes sampling?

Based on past audits or pilot sample Signup and view all the answers

Which of the following best describes attributes sampling in auditing?

A method used to estimate the extent to which a characteristic exists within a population Signup and view all the answers

What is the purpose of comparing the estimated rate of deviation to the tolerable rate of deviation in attributes sampling?

To assess the effectiveness of internal controls Signup and view all the answers

How is the population defined in attributes sampling?

It should include all potential applications of the control during the period examined Signup and view all the answers

What is the risk of overreliance in attributes sampling?

The risk of relying too heavily on the control Signup and view all the answers

How is the expected population deviation rate estimated in attributes sampling?

It is estimated based on past audits or pilot samples Signup and view all the answers

Attributes Sampling and Auditing

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Questions and Answers

Which of the following is the purpose of attributes sampling in auditing?

What is a deviation condition in attributes sampling?

How is the tolerable rate of deviation determined in attributes sampling?

What is the purpose of establishing the sampling risk in attributes sampling?

How is the expected population deviation rate estimated in attributes sampling?

Which of the following best describes attributes sampling in auditing?

What is the purpose of comparing the estimated rate of deviation to the tolerable rate of deviation in attributes sampling?

How is the population defined in attributes sampling?

What is the risk of overreliance in attributes sampling?

How is the expected population deviation rate estimated in attributes sampling?

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