Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk. To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

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Answer 1

Question

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

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What are the five management assertions that serve as basis for financial statements audit programs?

PROBLEM 2 On July 1, 2022, LTU Contracting, Inc. purchased a new Peiner SK575 Tower Crane for a total cost of $875,000. The crane has an estimated useful life of five (5) years. For financial reporting (book) purposes, the company utilizes straight line depreciation. For tax purposes, the equipment is depreciated over five years utilizing the 200% declining balance method. A. Prepare a table that computes the book and tax depreciation for each year of the useful life and determine the difference in book value between each method at the end of each year. B. On July 1st, 2025, the company is considering selling the crane for $500,000. Compute what the gain or loss would have been at that time for both book and tax purposes.

Answer 2

Question

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

Answer 6

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

Answer 7

Chapter 8, Problem 8.21P

a.

To determine

Concept Introduction:

Audit samplingis the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To explain: The auditor’s justification for accepting the uncertainties that are inherent in the sampling process.

Answer 8

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

Answer 9

b.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The uncertainties that express the concept of audit risk.

Answer 10

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

Answer 11

c.

To determine

Concept Introduction:

Audit sampling: sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. When the auditor is performed test of control and substantive tests they used the statistical sampling technique that test the items less than 100% in the population with some characteristics and give the appropriate sampling risk.

To discuss: The nature of sampling risk and non-sampling risk include the effect of sampling risk on test of control

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 8 - Prob. 8.1RQ Ch. 8 - Prob. 8.2RQ Ch. 8 - Prob. 8.3RQ Ch. 8 - Prob. 8.4RQ Ch. 8 - Prob. 8.5RQ Ch. 8 - Prob. 8.6RQ Ch. 8 - Prob. 8.7RQ Ch. 8 - Prob. 8.8RQ Ch. 8 - Prob. 8.9RQ Ch. 8 - Prob. 8.10RQ

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Chapter 8 Solutions