Question

Which of the following statements is not correct?

A) It is possible to vary the sample size from one unit to 100% of the items in the population.
B) Cost is an adequate justification for not gathering an adequate sample size.
C) The decision of how many items to test must be made by the auditor for each audit procedure.
D) The sample size for any given procedure is likely to vary from audit to audit.

Answer 1

The statement that is not correct is B) Cost is an adequate justification for not gathering an adequate sample size.

Step-by-step explanation:

The statement that is not correct is B) Cost is an adequate justification for not gathering an adequate sample size.

While cost may be a factor in determining the sample size, it is not an adequate justification for not gathering an adequate sample size. The sample size should be determined based on statistical considerations and the desired level of precision and confidence for the study.

For example, if a study requires a high level of accuracy, a larger sample size may be necessary even if it costs more to collect the data.