Stan is working on a class project for which he must interview ten of his classmates. He places the names of everyone in his class into a hat and selects 10 names. What kind of sampling is this? o systematic sampling multi-stage sampling o simple random sample convenience sampling
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- Assume that you have selected a random sample of 15 checks from a population of 800 checks. The checks you have selected are the following numbers: 664, 789, 650, 136, 365, 538, 800, 657, 110, 136, 398, 645, 214, 544, and 777. Based on this sample, evaluate the truth of the following statements regarding your findings. Describe why you feel each statement is true or false. a. You have determined that Check No. 365 was not properly signed and was paid to a fictitious vendor. You conclude that fraud exists in the population. b. You have determined that no fraud exists in the sample of 15 checks you evaluated. You conclude that no fraud exists in the population.Basic Sampling. You are attempting to determine whether you are taller or shorter than theaverage of students currently enrolled in your university. You have just learned about sampling and have decided to sample students to determine the average height at your university.Required:a. Define sampling.b. What are the advantages and disadvantages of using sampling to answer this question asopposed to examining the entire population?c. In which situations would you be more likely to use sampling (applied to this particularexample) as opposed to examining the entire population?You and a friend are studying audit sampling together. Your friend is having a hard time understanding the various aspects of risk associated with attribute sampling and has put together the following list of questions she wants to discuss with you. Answer each question. a. What is:■Audit risk?■Inherent risk?■Control risk?■Controllable risk?■Residual risk? b. What is sampling risk? How is sampling risk controlled? c. What are the two aspects of sampling risk that an internal auditor is concerned with when testing controls? Briefly describe each aspect. d. What is nonsampling risk? How is nonsampling risk controlled?
- Discovery and Sequential Attributes Sampling. Sydney Siebenthaler, the audit managerfor Jennifer’s Running Shirts Inc., has just returned from a continuing education class onaudit sampling and now wants to use discovery sampling or sequential sampling on the Jennifer’s audit because the class instructor said that the sample sizes would be significantlysmaller. “Talk about a no-brainer!” Siebenthaler exulted.Jennifer’s has good controls, and the audit team has performed tests of controls over thepayroll procedures in previous years to reduce substantive tests of payroll accounts to onlyanalytical procedures. In the previous year, the audit team used the following parameters:risk of overreliance, 10 percent; expected population deviation rate, 2 percent; and tolerablerate of deviation, 10 percent, which resulted in a sample size of 38. The auditors increased(rounded) the sample size to 40 items, and one deviation was found. The resulting ULRDrate was 9.4 percent, and the control was…Suppose that one in six smartphone users have fallen prey to cyber-attack. We use a sample of 210 smartphone users. a-1. What is the expected value and the standard error of the sample proportion? Note: Round final answers to 4 decimal places. Expected value Standard error a-2. Is it appropriate to use the normal distribution approximation for the sample proportion? Yes, because np ≥ 5 and n(1 - p) ≥ 5 Yes, because n ≥ 30 No, because np ≥ 5 and n(1 - p) ≥ 5 ○ No, because n < 30 b. What is the probability that more than 20% of smartphone users in the sample have fallen prey to cyber-attack? Note: Round final answers to 4 decimal places. ProbabilityCan someone please help? Thank you. John and Susan are discussing the various audit sampling techniques available to auditing firms after their auditing class one day. John mentions to Susan that he heard the auditing professor discussing standard deviation and sample size as part of classical variables sampling and was confused as he always thought standard deviation had more to do with statistics than auditing. John asks Susan if she understood what the professor was referring to, and if there is any connection to classical variables sampling. What is Susan's best response to this question.
- 5. Selecting a sample of items from a data set so that the sample is representative of the population as a whole requires A Random selection of items; data privacy B Transparency of the sampling process; a sufficiently large sample size C Random selection of items, a sufficiently large sample size Mansparency of the sampling process, data privacy 6. Frenchay plc sells two chemicals, XF1 and XF2. The company’s Finance Director has received a report confirming that whenever the price of XF1 is reduced, demand for XF2 decreases. The Finance Director can conclude that XF1 and XF2 are: complementary goods normal goods substitute goods inferior goodsConsider a sample with data values of 10, 20, 12, 17, and 16. a. Compute the mean and median. b. Consider a sample with data values 10, 20, 12, 17, 16, and 12. How would you expect the mean and median for these sample data to compare to the mean and median for part a (higher, lower, or the same)? Compute the mean and median for the sample data 10, 20, 12, 17, 16, and 12.Sampling and Nonsampling Risk. Read the following five independent sampling applications.Required:Indicate whether each situation is characteristic of sampling risk (S) or nonsampling risk(N). Provide a brief explanation for your answer.a. You are estimating the average net income of passengers on a particular airline flight.You randomly select three rows of seats (a total of 18 passengers) and calculate the average income of those passengers.b. When estimating the average time for swimmers in a 25-meter freestyle race, you inadvertently include the times of swimmers from other events (butterfly, breaststroke, andbackstroke) in your sample.c. When estimating the average time necessary to finish an examination, the class of students you randomly selected was an honors section of the course.d. When estimating the percentage of sixth-grade students who plan to attend college,your sample includes a disproportionate number of students attending intermediateschools located in small college…
- Monetary unit sampling (MUS) is the most commonly used statistical method of samplingfor tests of details because of its simplicity and its ability to provide statistical resultsin dollars. Read an article titled “Monetary-Unit Sampling Using Microsoft Excel” thatappeared in the May 2005 issue of The CPA Journal (www.nysscpa.org/cpajournal/2005/505/essentials/p36.htm) to answer the following questions.a. The authors suggest that there are three critical steps in applying MUS. What arethese steps?b. How do the authors indicate that an MUS sample size is determined?c. What two factors must be considered when evaluating the results of the sample?Sample Evaluation. Gloria Bush has performed a sampling plan to estimate the numberof children per household in her neighborhood. In doing so, she established a 10 percentacceptable level of sampling risk and found a sample estimate of 2.5 children per household.Based on the acceptable level of sampling risk, she calculated a precision of 0.7 children perhousehold.Required:a. Define the terms precision and reliability. How are these terms related?b. What is the precision interval in this example? What statement can Bush make based onher sample evidence?c. Assume that she desires a lower sampling risk (5 percent). How will this affect the precision interval?d. If she is interested in knowing whether the number of children per household exceeds1.5 children, how would you advise her based on the following outcomes? In all cases,assume that the sample estimate is 2.5 children per household.1. Reliability = 90 percent; precision = 0.7 children per household.2. Reliability = 95 percent;…Suppose you're given a data set that classifies each sample unit into one of four categories: A, B, C, the data as A = 1, B=2, C = 3, and D=4. Are the data consisting of the classifications A, B, C, and D or quantitative? Are the data consisting of the classifications A, B, C, and D qualitiative or quantitative? OA. Qualitative, because they are measured on a naturally occuring numerical scale. B. Quantitative, because they are measured on a naturally occuring numerical scale. C. Quantitative, because they can only be classified into categories. D. Qualitative, because they can only be classified into categories. *** After the data are input as 1, 2, 3, or 4, are they qualitative or quantitative? OA. Qualitative, because they cannot be meaningfully added, subtracted, multiplied, or divided. B. Qualitative, because they are measured on a naturally occurring numerical scale. OC. Quantitative, because they are measured on a naturally occurring numerical scale. OD. Quantitative, because…