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Auditing Art And Science Of Assurance Engagements 13th Edition By Arens – Test Bank
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Auditing Art And Science Of Assurance Engagements 13th Edition By Arens – Test Bank

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Auditing Art And Science Of Assurance Engagements 13th Edition By Arens – Test Bank

Chapter 11 Audit Sampling Concepts

11.1 Explain the concept of representative sampling and the risks of sampling

1) CAS 530 has a very specific definition of sampling. Assuming that each item (described as a sampling unit) in the populations below could be selected as part of the sample, which of the following illustrates the other part of the CAS 530 definition of sampling?
A) looking at 50 sales invoices from the current population of 100 000
B) recalculating interest calculations for notes payable
C) estimating the gross profit by product for all company products
D) inspecting all legal invoices for potential contingent liabilities
Answer: A
Diff: 2 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

2) A sample in which the characteristics of the sample are the same as those of the population is a(n)
A) random sample.
B) variables sample.
C) attribute sample.
D) representative sample.
Answer: D
Diff: 1 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

3) Assume that the client’s internal controls require a clerk to attach a shipping document to every duplicate sales invoice but this procedure is not followed exactly 3 percent of the time. If the auditor selects a sample of 200 duplicate sales invoices, which of the following sample results is most representative of the population?
A) three shipping documents are missing
B) six shipping documents are missing
C) five shipping document are missing
D) there were no shipping documents missing
Answer: B
Diff: 2 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

4) Nonsampling errors occur when audit tests do not uncover existing exceptions in the
A) population.
B) sample.
C) planning stage.
D) financial statements.
Answer: B
Diff: 2 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling
5) One of the causes of nonsampling error is
A) the use of inappropriate or ineffective audit procedures.
B) failure to draw a random sample.
C) failure to draw a representative sample.
D) the use of attribute sampling instead of variables sampling.
Answer: A
Diff: 1 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

6) One of the ways to eliminate nonsampling risk is through
A) proper supervision and instruction of the client’s employees.
B) proper supervision and instruction of the audit team.
C) the use of attribute sampling rather than variables sampling.
D) controls that ensure the sample drawn is random and representative.
Answer: B
Diff: 1 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

7) Sampling risk (sampling error) is an inherent part of sampling that results from
A) inappropriate audit procedures.
B) failure to recognize exceptions.
C) testing less than the entire population.
D) weaknesses in the client’s internal control system.
Answer: C
Diff: 1 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

8) One of the ways to reduce sampling risk is to
A) use an appropriate method of selecting sample items from the population.
B) carefully design the audit procedures to be used.
C) provide proper supervision and instruction of the audit team.
D) use variables sampling rather than attribute sampling.
Answer: A
Diff: 2 Type: MC Page Ref: 325
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

9) Carrie found an error in the sample she tested from the population of accounts receivable that was over 90 days old. The error found by Carrie should be extrapolated to the population of
A) all past-due accounts receivable.
B) accounts receivable over 90 days.
C) all accounts receivable.
D) current accounts receivable.
Answer: B
Diff: 3 Type: MC Page Ref: 325-326
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling
10) One of the purposes of using statistical sampling is to quantify sampling risk. For which of the following audit tests would sampling risk be zero?
A) The auditor used monetary unit sampling to select a sample of payroll payments.
B) The auditor used attribute sampling to select a sample of shipping documents.
C) The auditor sent empty (zero balance) external confirmations to suppliers with large dollar balances.
D) The auditor sent external confirmations to all financial institutions used by the client.
Answer: D
Diff: 3 Type: MC Page Ref: 326
Learning Obj.: 11-1 Explain the concept of representative sampling and the risks of sampling

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