. For each of the following statements, indicate whether it is more closely rela

Question

. For each of the following statements, indicate whether it is more closely related to attribute sampling or variables sampling by using the letter A (attribute) and V (variables). (8 points)
___ 1. The population size affects the sample size.
___ 2. Sampling risks include the risk of incorrect acceptance and risk of incorrect rejection.
___ 3. The population variability affects the sample size.
___ 4. The auditor's sample would include transactions or components comprising the account balance.
___ 5. Sampling risks include the risk of assessing control risk too high and the risk of assessing control risk too low.
___ 6. The auditor's sample would include potential applications of control policies and procedures.
___ 7. This type of sampling is influenced by the auditor's acceptable level of detection risk.
___ 8. Used to allow the auditor to assess risk of material misstatement

Explanation / Answer

1. A, V 2. V 3. V 4. V 5. A 6. A 7. V 8. A

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