Review Questions

1. Which term best describes the difference between the audit sample and the total population?

A. Precision

B. Tolerable error rate

C. Level of risk

D. Analytic delta

2. Which is not a purpose of risk analysis?

A. Support risk-based audit decisions

B. Assist the auditor in determining audit objectives

C. Assist the auditor in identifying risks and threats

D. Ensure absolute safety during the audit

3. Failing to prevent or detect a material error would represent which type of risk?

A. Overall audit risk

B. Detection risk

C. Inherent risk

D. Control risk

4. Which of the following is not a type of quantitative sampling model?

A. Difference estimation

B. Stratified mean per unit

C. Unstratified mean per unit

D. Qualitative estimation ...

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