When determining sample size under monetary unit sampling,an audit team does not need to make a judgment or estimate of
A) Audit risk.
B) Tolerable misstatement.
C) Expected misstatement.
D) Standard deviation of error.

Question

Quizplus · Accepted Answer

When determining sample size under monetary unit sampling, the audit team needs to estimate the expected misstatement and determine the tolerable misstatement, but they do not need to make a judgment or estimate of audit risk. The standard deviation of error is not relevant in this method of sampling.

When Determining Sample Size Under Monetary Unit Sampling,an Audit Team