1. In assessing sampling risk, the risk of assessing control risk too high and the risk of incorrect acceptance relate to audit

1. Both effectiveness
2. Both efficiency
3. Efficiency and effectiveness respectively
4. Effectiveness and efficiency, respectively

2. Auditors are trying to verify recorded accounts receivable accounts represent valid claims from customers. What audit procedure they should perform?

a. Review drafts of the financial statements

b. Select a sample of credit sale recorded in the next accounting period and vouch to support

c. Obtain and analyze an aged trial balance of accounts receivable

d. Confirm year end receivables.