Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

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Answer 1

Question

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

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WW Office Solutions implemented a new supply requisition system. Departments must submit requests by Thursday for next week, maintain minimum 20% buffer stock, and obtain supervisor approval for urgent orders. From 85 total requisitions last month, 65 followed timeline, 72 maintained proper buffer, and 58 met both conditions. What is the compliance rate? Problem related general Account

Answer 2

Question

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

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Answer 3

Question

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

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Answer 4

Question

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

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Answer 5

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

Answer 6

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

Answer 7

Chapter 15, Problem 27DQP

a.

To determine

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

Answer 8

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

Answer 9

b.

To determine

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

Answer 10

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

Answer 11

c.

To determine

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

Answer 12

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

Answer 13

d.

To determine

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 15 - Prob. 1RQ Ch. 15 - Prob. 2RQ Ch. 15 - Prob. 3RQ Ch. 15 - Prob. 4RQ Ch. 15 - Prob. 5RQ Ch. 15 - Prob. 6RQ Ch. 15 - Prob. 7RQ Ch. 15 - Prob. 8RQ Ch. 15 - Prob. 9RQ Ch. 15 - Prob. 10RQ

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

Solution Summary: The author explains the cost and benefits of statistical sampling over non-statistical sampling. They explain the relationship between audit risk, sampling risk and nonsampling risk.

Explain the cost and benefits of using the statistical sampling over the non-statistical sampling.

Explain the relationship between the audit risk, sampling risk and non-sampling risk.

Discuss the situation when sampling is not an appropriate method of performing tests of controls.

Explain the risk of assessing control risk too low and the risk of assessing control risk too high. Also, explain the impact of risk on the efficiency and effectiveness of the audit.

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Chapter 15 Solutions