In applying classical variables sampling, an auditor attempts to
A) Estimate a qualitative characteristic of interest.
B) Determine various rates of occurrence for specified attributes.
C) Discover at least one instance of a critical deviation.
D) Predict a monetary population value within a range of precision.

Question

Quizplus · Accepted Answer

Classical variables sampling is used to predict a monetary population value within a range of precision. This is achieved by selecting a representative sample and gathering data on a specific variable, such as monetary values. The auditor can then use statistical techniques to estimate the population value within a certain level of confidence and precision.

In Applying Classical Variables Sampling, an Auditor Attempts to