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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 300 - IIA-CIA-Part2 discussion

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In which of the following populations would the internal auditor most likely choose to use a stratified sampling approach?

A.
Inventory comprised of the same items stored in different warehouses
Answers
A.
Inventory comprised of the same items stored in different warehouses
B.
Batches of materials that must be confirmed as meeting quality standards
Answers
B.
Batches of materials that must be confirmed as meeting quality standards
C.
Revenue that is earned by an organization through cash receipts or as receivable.
Answers
C.
Revenue that is earned by an organization through cash receipts or as receivable.
D.
Tax reports submitted to meet the requirements of the local taxation authority
Answers
D.
Tax reports submitted to meet the requirements of the local taxation authority
Suggested answer: C

Explanation:

Stratified sampling is used when the population can be divided into distinct subgroups (strata) that differ significantly from each other but are internally homogeneous. In the context of auditing, revenue earned through cash receipts or as receivables would have different characteristics and risk profiles. Stratifying the population allows the auditor to ensure that each subgroup is adequately represented in the sample, leading to more reliable and accurate audit conclusions.

The Institute of Internal Auditors (IIA) Practice Guide: Audit Sampling

IIA Standard 2320 - Analysis and Evaluation

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asked 18/09/2024
Nghia To Duc
53 questions
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