The level of sampling risk that the auditor is willing to accept do not necessarily affect the sample size required.Select one:TrueFalse

Which statement is incorrect about sampling risk?Select one:a.Risk of assessing control risk too low and risk of incorrect acceptance affects audit effectiveness as it would usually lead to additional work to establish that initial conclusions were incorrect.b.Sampling risk arises from the possibility that the auditor's conclusion, based on a sample may be different from the conclusion reached if the entire population were subjected to the same audit procedure.c.Risk of assessing control risk too high is the risk that the auditor will conclude, in the case of a test of control, that control risk is higher than it actually is.d.The mathematical complements of sampling risks are termed confidence levels.

Each time an auditor draws a conclusion based on evidence from a sample, an additional risk, sampling risk, is introduced. An example of sampling risk isSelect one:a.Properly applying an improper audit procedure to sample data.b.Drawing an erroneous conclusion from sample data.c.Projecting the results of sampling beyond the population tested.d.Improperly applying a proper audit procedure to sample data.

Which of the following is true about sampling and non-sampling risks?Select one:a.Non-sampling risk can be eliminated by proper engagement planning, supervision, and review.b.Non-sampling risk arises from the possibility that the auditor's conclusion, based on a sample may be different from the conclusion reached if the entire population were subjected to the same audit procedure.c.Sampling risk can be reduced by increasing sample size.d.Sampling risk cannot be eliminated.

Audit sampling enables the auditor to obtain and evaluate audit evidence about some characteristic of the items selected in order to form or assist in forming a conclusion concerning the population from which the sample is drawn.Select one:TrueFalse

The competence of evidence available to an auditor is least likely to be affected bySelect one:a.The relevance of such evidence to the financial statement assertion being investigated.b.The relationship of the preparer of such evidence to the entity being audited.c.The sampling method employed by the auditor to obtain a sample of such evidence.d.The timeliness of such audit evidence.