Final answer:
The three main sets of auditing standards are the International Standards on Auditing (ISA), the Generally Accepted Auditing Standards (GAAS), and the Public Company Accounting Oversight Board (PCAOB) auditing standards.
Step-by-step explanation:
The three main sets of auditing standards are: the International Standards on Auditing (ISA), the Generally Accepted Auditing Standards (GAAS) in the United States, and the Public Company Accounting Oversight Board (PCAOB) auditing standards. These standards are used by auditors to guide their auditing practices and ensure consistency and quality in financial audits.
d. How many are expected to be audited?
The number of entities expected to be audited will vary depending on the jurisdiction and the size of the auditing firm. Auditors typically evaluate factors such as the firm's resources, client base, and market demand to determine their expected number of audits. However, there is no specific or universal number that applies to all auditing firms.
e. Find the probability that no one was audited.
To find the probability that no one was audited, we need more information such as the total population or sample size and the probability of being selected for an audit. Without these details, it is not possible to calculate the probability accurately.
f. Find the probability that at least three were audited.
To calculate the probability that at least three entities were audited, we need information such as the total population or sample size and the probability of being selected for an audit. With these details, we can use the binomial probability formula to calculate the probability.