Expert answer:ACC492 UOPX Audit Sampling for Tests of Details of

  

Solved by verified expert:Respond to the following in a minimum of 175 words: As auditors move from the planning phaseto the fieldwork phase of an audit, they recognize they will not be able totest all transaction in order to offer their opinion on the financial statements. Therefore,various sampling techniques and principles have been developed to assist theauditor in providing adequate coverage and a reliable opinion using samples oftransactions.Discuss audit sampling for tests of details of balances and for tests of controls and substantive tests of transactions. How do they differ?Respond to the following in aminimum of 125 words: Christine Burton Top of FormAn audit sampling for tests of details of balances will state the objectives of the audit test, decide whether audit sampling applies, define a misstatement, define the population, define the sampling uint, specify tolerable misstatement, specify acceptable risk of incorrect acceptance, estimate misstatements in the population, determine the initial sample size, select the sample, perform the audit procedures, generalize from he sample to the population, analyze the misstatements, and decide the acceptability of the population.An audit sampling for tests of controls and substantive tests of transactions will being with the same first five objectives as with the test of details of balances, but will then specify the tolerable exception rate, specify acceptable risk of assessing control risk too low, estimate the population exception rate, and determine the initial sample size. Steps ten through twelve are again the same as they are with the sampling for tests of details of balances, but step 13 will be to analyze the exceptions and 14 will once again be the same with both.There are only five differences between the two samplings.Respond to the following in a minimum of 125 words: Ali Blackburn23 hours ago, at 8:36 PM NEW Audit sampling is a procedure that evaluates the characteristics and balance of an account. In these, the account balances are more likely to have misstatements and the auditor must plan the procedures to include audit sampling. Two approaches to sampling include non-statistical and statistical. Both of these require professional judgement. Taking samples and having it be sufficient is dependent upon the size of the sample that is taken and the design in which it is presented. Depending on the objective will depend upon the size of sample that is needed for sufficient evidential matter. Audit sampling for tests of balances means that an auditor takes samples to see if the dollar amounts on financial statements are accurate. Five different types of accounts include assets, liability, revenue, expense, and equity, all of which will have different accounts. A misstatement may include two sources: unintentional mistakes and fraudulent or defalcation. Tests of controls is a procedure during an audit in which you investigate the use of internal controls in a company and helps to prevent and detect material misstatements. Depending on the results, an auditor can choose from there whether to depend on a client’s system or not.

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