Audit Sampling PSA 530 (Test of Controls) Questions With Complete Solutions

1. The entire set of data from which a sample is selected and about which the auditor wishes to draw conclusions is A. Population B. Sample C. Sampling unit D. Database correct answer: A 2. The risk that the auditor's conclusion based on a sample may be different from the conclusion if the entire population were subjected to the same audit procedure is A. Sampling risk B. Non-sampling risk C. Risk of incorrect rejection D. Risk of incorrect acceptance correct answer: A 3. Sampling risk that leads the auditor to conclude that controls are more effective than they actually are is A. Risk of assessing control risk too low B. Risk of assessing control risk too high C. Risk of incorrect rejection D. Risk of incorrect acceptance correct answer: A 4. Sampling risk that leads the auditor to conclude that a material misstatement exists when in fact it does not is A. Risk of assessing control risk too low B. Risk of assessing control risk too high C. Risk of incorrect rejection D. Risk of incorrect acceptance correct answer: C