2011 AUD

Wiley CPA Exam Question – AUD


The following is from the Online Wiley CPA Test Bank.

Used with permission from the Publisher.

Topic: Audit Sampling

Which of the following is included as part of the definition of audit sampling?

  • A: Inquiry and observation procedures.
  • B: Documentary evidence.
  • C: Evaluation of some characteristic.
  • D: Statistical techniques.

The answer will be left in the comments below.

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THE AUTHOR

Jeff Elliott

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COMMENTS

2 comments on “Wiley CPA Exam Question – AUD”

  • A: Answer A is incorrect because various procedures other than inquire and observation are possible when applying audit sampling (e.g., inspection and reperformance); also, the inquiry and observation techniques are not ordinarily used in statistical sampling applications.

    B: Answer B is incorrect because both internally and externally generated evidence are acceptable for audit sampling.

    C: Answer C is correct because audit sampling is the application of an audit procedure to less than 100% of the items within an account balance or class of transactions for the purpose of evaluating some characteristic of the balance or class.

    D: Answer D is incorrect because both statistical and nonstatistical sampling techniques are acceptable.

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