Examlex
There are 14 steps to audit sampling for details of balances, divided into three sections: plan the sample, select the sample and perform the audit procedures, and evaluate the results.Discuss each of the steps included in the "evaluate the results" section for nonstatistical sampling.
Equivalent Unit
A measure used in cost accounting to express the amount of work done on incomplete products in terms of completed products.
Weighted-Average Method
A cost accounting method that assigns the average cost of goods available for sale to both ending inventory and units sold.
Assembly Department
A department within a manufacturing facility where components are assembled into finished products.
Materials
The raw items or components used in the manufacturing process to produce goods or services.
Q2: For good internal control, the purchasing department
Q11: The issuance of debentures by the client
Q24: The primary emphasis in most tests of
Q33: Allowable risk of overreliance is the risk
Q44: The results of tests of controls and
Q46: Establishing the tolerable deviation rate (TDR) requires:<br>A)
Q73: Although there is no professional requirement to
Q78: Tests of details of balances are always
Q86: Lapping of accounts receivable is the postponement
Q122: When auditing owners' equity, the realisable value