You and a friend are studying audit sampling together. Your friend is having a hard time understanding the various aspects of risk associated with attribute sampling and has put together

You and a friend are studying audit sampling together. Your friend is having a hard time understanding the various aspects of risk associated with attribute sampling and has put together the following list of questions she wants to discuss with you. Answer each question. a. is: ■Audit risk? ■Inherent risk? ■Control risk? ■Controllable risk? ■Residual risk? b. is sampling risk? How is sampling risk controlled? c. are the two aspects of sampling risk that an internal auditor is concerned with when testing controls? Briefly describe each aspect. d. is nonsampling risk? How is nonsampling risk controlled?

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