What two main factors will determine the sample size for a given audit procedure?

Question

Quizplus · Accepted Answer

The Answer is a. The assertion(s) being tested: A sample-based test can be used to examine a number of attributes that might be of interest to an auditor including whether a transaction is properly authorized, meets appropriate control requirements, and is correctly valued and processed. The more significant the assertion(s) is to the overall audit, the larger the sample will be.
b. Assessment of risk: The higher the level of risk associated with the assertion, the larger the sample size will be for testing the attributes associated with that assertion. That is, the higher the likelihood that an audit procedure will reveal significant problems, the more items the auditor will wish to examine to have a better basis to quantify potential problems.
c. Alternatively, the two main factors driving the auditor's sample size are: 1) the auditor willingness to accept risk and 2) the precision gap, that is, the difference between the tolerance for problems and the expectation of problems.

What Two Main Factors Will Determine the Sample Size for a Given