Solved > 14) In testing controls, an overreliance on internal:1893725 …

14) In testing controls, an overreliance on internal controls that reduces substantive tests and increases the likelihood of not detecting a material misstatement occurs because:

A) true deviation in the population was less than the sample.

B) true deviation in the population was greater than the sample.

C) auditor judgment was flawed.

D) it is inherent in the audit risk model.

15) You are determining the significance of the following: you set a 5% risk of assessing control risk to low and your computation of the upper deviation risk is 7%. What could you conclude?

A) There is a 95% chance the deviation rate is the population is less than 5%.

B) There is a 5% chance the deviation rate in the population is less than 7%.

C) There is a 95% chance the deviation rate in the population exceeds 95%.

D) There is a 5% chance the deviation rate in the population exceeds 7%.

16) Which of the following is the exception rate that the auditor expects to find before testing?

A) Sample exception rate.

B) Estimated population exception rate.

C) Computed exception rate.

D) Tolerable exception rate.

17) Which of the following is not a term related to evaluating results in audit sampling until after a sample is tested and evaluated?

A) Sample exception rate.

B) Estimated population exception rate.

C) Computed upper exception rate.

D) Exception.

18) The relationship of tolerable exception rate (TER) to sample size is:

A) direct (larger TER = larger sample).

B) inverse (larger TER = smaller sample).

C) variable (sometimes larger, sometimes smaller).

D) not determinable.

19) Which of the following must be set prior to testing a sample?

A) Sample exception rate.

B) Achieved upper precision limit.

C) Computed exception rate.

D) Tolerable exception rate.

20) The relationship of acceptable risk of accessing control risk too low (ARACR) to sample size is:

A) variable (sometimes larger, sometimes smaller).

B) direct (larger ARACR = larger sample).

C) inverse (larger ARACR = smaller sample).

D) nonexistent.

21) The sample exception rate equals:

A) the number of exceptions in the population divided by the sample size.

B) the number of items in the population multiplied by the number of exceptions in the sample.

C) the number of exceptions in the sample divided by the sample size.

D) the number of exceptions in the population divided by the population size.

22) Before the population can be considered acceptable based on the acceptable risk of assessing control risk too low, the computed upper exception rate must be:

A) greater than or equal to the tolerable exception rate.

B) greater than the tolerable exception rate.

C) less than or equal to the tolerable exception rate.

D) less than the tolerable exception rate.

23) An auditor uses statistical sampling for attributes in internal control testing. She would most likely reduce the planned reliable on the control tested when:

A) the sample deviation rate plus the adjustment for sampling risk exceeded the tolerable deviation rate.

B) the sample deviation rate plus the adjustment for sampling risk equaled the tolerable deviation rate.

C) the tolerable deviation rate less the adjustment for sampling risk exceeded the expected population deviation rate.

D) the tolerable deviation rate plus the adjustment for sampling risk was less than the expected population deviation rate.

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