For Each of the Following Items, Identify Whether They Are

question 17

Essay

For each of the following items, identify whether they are the responsibility of management or of the auditor.
1.Distribute the annual report to shareholders
2.Deliver the audit report to the entity
3.Obtain and evaluate evidence concerning the financial statements
4.Preparation and presentation of the financial report
5.Designing internal control procedures
6.Express an opinion on the financial statements
7.Selecting appropriate accounting policies
8.Verify financial information is presented in accordance with standards

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Definitions:

Sampling Error

The difference between the population parameter and the sample statistic due to chance variation in selecting a sample.

Nonsampling Error

Errors not related to the act of selecting a sample from the population but can occur during data collection, recording, or analysis stages.

Measurement Error

Nonsampling error that results from the incorrect measurement of the population characteristic of interest.

Big Data

Refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.