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agoldberg2011 agoldberg2011
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Identify each of the seven factors that influence sample size for nonstatistical tests of details of balances, and state whether each factor is directly or inversely related to sample size.
Textbook 

Auditing and Assurance Services


Edition: 17th
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Redhawt75Redhawt75
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Factors that influence sample size for nonstatistical tests are:
Control risk. Control risk is directly related to sample size; as control risk increases, sample size also increases.
Results of other substantive procedures related to the same assertion. Directly related to sample size; as these risks increase, sample size also increases.
Dollar amount of the population. Directly related to sample size; smaller account balances lead to smaller sample size and larger account balances lead to larger sample sizes.
Tolerable misstatement for a specific account. Inversely related; as tolerable misstatement increases, sample size decreases.
Inherent risk. Directly related; as inherent risk increases, sample size also increases.
Expected size and frequency of misstatements. Directly related; as the size and frequency of expected misstatements increase, sample size also increases.
Number of items in the population. Almost no effect on sample size unless population is very small.


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