Question 1
Explain acceptable risk of incorrect acceptance and acceptable risk of incorrect rejection within the context of variables sampling.
Question 2
Match six of the terms (a-l) with the definitions provided below (1-6).
| a. | acceptable risk of incorrect acceptance |
| b. | acceptable risk of incorrect rejection |
| f. | mean-per-unit estimation |
| h. | probability proportional to size sample selection |
________ 1. conclusions drawn from sample results based on knowledge of sampling distributions
________ 2. sampling techniques for tests of details of balances that use the statistical inference processes
________ 3. the risk that the auditor is willing to take of rejecting a balance as incorrect when it is not misstated by a material amount
________ 4. a statistical sampling method that provides misstatement bounds expressed in monetary amounts
________ 5. a method of variables sampling in which the auditor estimates the population misstatement by multiplying the average misstatement in the sample by the total number of population items and also calculates sampling risk
________ 6. the risk that the auditor is willing to take of accepting a balance as correct when the true misstatement in the balance exceeds the tolerable misstatement
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