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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.
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Auditing and Assurance Services

Auditing and Assurance Services


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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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