7)Suppose an auditor calculates an estimate of the errors by direct projection from the sample to the population. If the auditor finds $15 000 of net overstatement errors in a sample of $100 000 out of a total population of $500 000, the estimate of errors in the population will be:

Select one: a. $750. b. $7,500. c. $75,000. d. $750,000.

8)When planning an audit, the auditor's assessed level of control risk is:

Select one: a. an economic issue, trading off the costs of testing controls against the cost of testing balances. b. calculated by using the formulas provided in ASA 315. c. determined by using actuarial tables. d. calculated by using the audit risk model