Business Finance Homework Help

Assignment Question(s):(5 Marks)

IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides, fellow student, or internet source without proper citation. 

Q1. Why must an auditor use sampling? What are the benefits of using sampling in the audit of the financial statements?(1 Mark).

Q2. “When it comes to audit sampling, both statistical and non-statistical sampling are equally effective.” Defend or refute the preceding statement.(1 Mark).

Q3. Explain how revenue recognition is important to the audit of the revenue process. (2 Marks).

Q4. Explain the importance of observing physical inventory during an audit. (1 Mark).