PLEASE EXPLAIN THE FOLLOWING.

• Relationship of tolerable rate/materiality, risk of assessing control risk too high/too low, population, expected deviations, etc. to sample size.

• Understand PPS sampling what are the steps to performing this sampling technique, understanding what a sampling interval is, and how it is calculated
• Why and when is PPS sampling the best method to use, what are some flaws and positives of PPS sampling
• Understand the definition of standard deviation
• Difference between CVS (classical variable sampling) and PPS
• Understand how to evaluate the results of a PPS sample (Tainting percentage, when projection makes sense, etc)
• Understanding when ratio estimation technique to evaluate a CVS sample is the best way to calculate differences/estimate population value.
• Understand what causes sample sizes to increase and decrease in CVS and PPS sampling
• Understand key terms such as tolerable misstatement, expected misstatement, recorded amount, audited amount.