Analytical Procedures Used in Planning an Audit Should Focus on Identifying

question 59

Multiple Choice

Analytical procedures used in planning an audit should focus on identifying

• A) Material weaknesses in internal control.
• B) The predictability of financial data from individual transactions.
• C) The various assertions that are embodied in the financial statements.
• D) Areas that may represent specific risks relevant to the audit.

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Definitions:

Finite Population Correction

A factor applied in sample calculations to adjust for the size of the population when the population is not infinitely large.

Finite Population

A population set that contains a limited number of elements or observations.

Population Size

The total number of members or elements in a clearly defined set of people, animals, objects, or events being studied.

Standard Error

A statistical measure that quantifies the variability or precision of a sample statistic estimate of a population parameter.