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section I
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risk response at the fs level
Terms in this set (17)
statistical sampling over non
-using ss the auditor can provide an objective basis for quantitatively evaluating sample risk
-can measure the sufficiency of the audit evidence obtained
toc samp procedure auditor says cr is higher than appropriate
the dev rate > tolerable rate (sample)
dev < tolerable rate (population)
nonissuer =unexpectedly high # of deviations during the samp, to test managements review and approval of time sheets- the auditor would
increase assessed RoMM
if samp rate of dev +allow for samp risk is > tolerable rate
reduce the reliance on the prescribed control
AICPA samp eval tables does not include these steps
id the population deviation rate
eval attributes samp application (we dont need to know)
the actual population size
(bc we are evaluating the results)
false with respect to the use of nonstatistical sampling
the use of nonstats samp generally results in a smaller sample size
if act dev rate> max samp rate then
cr will be understated bc c will be less effective than sample results would indicate
nonsampling risk
the auditor selecting inappropriate auditing procedures
deviations from pertinent controls at a given rate ordinarily result in misstatements at a lower rate
...
non samp risk in attributes
incorrectly estimating the expected population deviation rate
major dif between stat and non stat
samp size determination - should still be comparable
selecting sample items - may use nonrandom method
eval sample results- eval between sample deviation and tolerable rate
deviations from specific control activities at a given rate
ordinarily result in misstatements at a lower rate
most concerning dev rate
one that represents an employees careless attention to duties
control risk has a adverse effect on
the efficiency of an audit engagement
auditor should consider
the allowable risk of assessing cr too low
but not the avg $ val of the check requests
if auditor increases the assessed level of cr
then also increase the extent of test of details of balances
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