Which kind of audit sampling is generally used for testing controls?

Related MCQs

• Financial (attest) audit includes: i Examination and evaluaion of financial records ii Audit of financial systems and transactions iii Audit of intenal control and internal audit functions iv Evaluation of Compliance with applicable statutes and regulations
• These are Performed if the audit team plans to take assurance from mitigating controls or from other controls .
• Sampling interval is calculated in this kind of sampling
• This method of sampling is also called probability proportionate to size (PPS) sampling
• Extrapolation of sampling results to the population is possible in the case of Judgmental Sampling.
• what are the audit procedures commonly used to obtain audit assurance?
• These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk
• These are performed if the audit team has not identified risks that could lead to material misstatement and no reliance is planned to be placed on controls.
• Population is divided into groups, each being fairly homogenous with respect to value and risk in this kind of sampling
• Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.