Question 1
________ is a method of projecting from the sample to the population to estimate the population misstatement. It assumes that misstatements in the unaudited population are proportional to the misstatements found in the sample.
◦ Mean-per-unit estimation
◦ Point estimate
◦ Monetary unit
◦ Basic precision
Question 2
An auditor using nonstatistical sampling cannot formally measure sampling error and therefore must subjectively consider the possibility that the true population misstatement exceeds a tolerable amount. Which of the following factors should be considered by the auditor in making this assessment?
◦
| The dollar difference between the point estimate and tolerable misstatement | The extent to which items in the population have been audited 100 percent |
| Yes | Yes |
◦
| The dollar difference between the point estimate and tolerable misstatement | The extent to which items in the population have been audited 100 percent |
| No | No |
◦
| The dollar difference between the point estimate and tolerable misstatement | The extent to which items in the population have been audited 100 percent |
| Yes | No |
◦
| The dollar difference between the point estimate and tolerable misstatement | The extent to which items in the population have been audited 100 percent |
| No | Yes |
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