Sample Evaluation. In the most recent local election between two candidates, you heardyour local news anchor indicate that your preferred candidate had 48 percent of the vote witha margin for error (precision) of ± 6 percent. The news anchor also indicated a reliability of99 percent for these results.Required:a. Define the terms sample estimate, precision, and reliability.b. Based on the information given, what is the possible range of support that your preferredcandidate could have when all votes are counted?c. Provide a brief summary (one sentence) describing what you can determine from theanchor’s report.d. How do you feel about your candidate’s chances of winning the election?e. How would you feel about your candidate’s chances of winning if the anchor’s report wasidentical except that the margin for error was only ± 1 percent?

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter8: Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, And Data Analytics Tools
Section: Chapter Questions
Problem 11CYBK
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Sample Evaluation. In the most recent local election between two candidates, you heard
your local news anchor indicate that your preferred candidate had 48 percent of the vote with
a margin for error (precision) of ± 6 percent. The news anchor also indicated a reliability of
99 percent for these results.
Required:
a. Define the terms sample estimate, precision, and reliability.
b. Based on the information given, what is the possible range of support that your preferred
candidate could have when all votes are counted?
c. Provide a brief summary (one sentence) describing what you can determine from the
anchor’s report.
d. How do you feel about your candidate’s chances of winning the election?
e. How would you feel about your candidate’s chances of winning if the anchor’s report was
identical except that the margin for error was only ± 1 percent?

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