1.Non-statistical sampling is commonly used in audit practice. Describe each of the four items required in a non-statistical audit test. Discuss the reasons why you would use, or not use, this type of testing for account transactions whose values range from very material to immaterial amounts. Describe why you believe non-statistical sampling is best for material vs immaterial amount testing, or vice versa.
2.A standard cost system is used to measure performance and value inventory. Variance reports are created using the standard cost system. Discuss why the details of material, labor and overhead are important factors used in this standard cost measurement process. This accounting process requires accuracy; discuss the impact to the company if the standard cost system does not generate accurate measurements. Provide examples to support your discussion.
3.Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices.
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