Chapter 8 Specialized Audit DOC

Title	Chapter 8 Specialized Audit
Author	Kekenn Escabas
File Size	701.3 KB
File Type	DOC
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Chapter 8: Specialized Audit Tools: Sampling and Generalized Audit Software Student: ___________________________________________________________________________ 1. Audit sampling implies the gathering of evidence to use as a basis for making valid inferences about the characteristics of the population as a whole without examining every transaction. True False 2. Audit sampling is the application of an audit procedure to less than 100 percent of the items within an account balance or class of transactions for the purpose of evaluating some characteristic. True False 3. When performing substantive tests using sampling methods, the auditor's main concern is the risk of incorrect rejection. True False 4. The risk of incorrect acceptance of an account balance as correct, when in fact it is not correct, bears directly on the efectiveness of an audit. True False 5. The tolerable misstatement is the confdence level needed to infer population values. True False 6. Statistical sampling is used when an auditor chooses to examine all purchases of equipment exceeding $1,000.00 and to test the remaining items by analytical procedures. True False...