Which of the following is not a limitation of auditing?A Sampling is used as an audit toolB Internal control systems have inherent limitationsC Client staff may collude in fraudD Unqualified staff may be used on audit assignments

Which of the following is not an inherent limitation of an audit? Group of answer choicesaudit testing of selective samplesforming professional judgements in highly specialised areasauditor independencetime lapse between the balance date and the presentation of the audit report

Which of the following constitutes audit sampling?Select one:a.Examining items to obtain information about matters such as the client's business, the nature of transactions, accounting and internal control systems.b.Applying audit procedures to less than 100% of items within an account balance or class of transactions such that all sampling units have a chance of selection.c.Selecting and examining specific items to determine whether or not a particular procedure is being performed.d.Examining items whose values exceed a certain amount so as to verify a large proportion of the total amount of an account balance or class of transactions.Clear my choice

Audit sampling:

Which of the following is a key element in preventing fraud according to internal auditing standards? Group of answer choicesInformal communication channelsMinimal documentationLack of management oversightSegregation of duties

For which of the following audit tests would an auditor most likely use attribute sampling?Select one:a.Selecting accounts receivable for confirmation of account balances.b.Examining invoices in support of the valuation of fixed asset additions.c.Making an independent estimate of the amount of a FIFO inventory.d.Inspecting employee time cards for proper approval by supervisors.