Auditing: Defining the population when sampling
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the auditor consider when encountering an error? How might the results affect the audit conclusion?
Solution Summary
Your tutorial is 762 words plus three references and gives examples of errors in defining populations, how this impacts audit results and how auditors use sampling to reach audit conclusions.
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Active since 2010
Responses 2394 | Videos 11
"Thank you kindly :)"
"I have tried jiving the numbers and still cant get them to work on your spreadsheet... all answers were wrong 1a, 1b, and 2 does have a reconciliation.... 3 are incorrect as well, I cannot figure out what I'm doing wrong the sheet looks good?"
"Thanks Carol. I don't want you to think that what is this guy doing? This was relevantly easy question compared to the rest. I also had the same results but i wanted my answers to be confirmed by an expert. Thank you so much and will be in touch during the week."
"Hello Carol, I just started working on this problem and I came across a question that I need clarification for, NPV was calculated as $2074.00. is this per year for 8 years? I am very sorry that I may be bothering you but I tried to figure it out on my own however couldn't do it. Thanks"
"Hello Carol, if I ask you kindly to clarify the tax benefit of depreciation on the excel. it is probably my lack of excel knowledge. how did you calculate? as well as the after tax operating cash flows (I see that it is 1.00-0.35 but don't know why? I just want to learn as well. Thanks"