ZuoTi.Pro
Question
indicate which situation involve audit sampling and why

LO 9-1 Statistical sdirping news не прить и менем ables sampling is used? 9-3 How are the desired confidence level, the toler
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Refer a below image for the above asked question , in a detailed way of solution.

Answer: Requirement : How the the desired expected confidence level, the tolevable misstatement related to misstatement and S

0 0
Add a comment
Know the answer?
Add Answer to:
indicate which situation involve audit sampling and why LO 9-1 Statistical sdirping news не прить и...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Chapter 9 Audit Sampling 1.Three factors that determine the sample size are the risk of assessing...

    Chapter 9 Audit Sampling 1.Three factors that determine the sample size are the risk of assessing control risk too high, tolerable deviation rate, and the expected population deviation rate. a. True b.False 2.While performing a substantive test of details during an audit, the auditor determined that the sample results supported the conclusion that the recorded account balance was materially misstated. It was, in fact, not materially misstated. This situation illustrates the risk of a. Incorrect rejection b. Incorrect acceptance c....

  • MUST USE EXCEL EQUATIONS Daily and Johnson, CPAs were conducting the audit of GarnerTool Supply ...

    MUST USE EXCEL EQUATIONS Daily and Johnson, CPAs were conducting the audit of GarnerTool Supply for the year ended December 31. Cindy Steward, senior-in-charge of the audit, plans to use MUS to audit Garner's inventory account. The balance in the inventory account at December 31 was $8,000,000. Requirements: a) Based on the information in the spreadsheet, calculate the requiredMUS sample size and sampling interval b) Steve Brents, staff accountant, used the sample items selected in part (a) and performed the...

  • 1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and...

    1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll or Accounts Payable where data analytics could be used by an Internal...

  • A. Provide your answers to the following questions regarding sampling: 1. List the steps involved in...

    A. Provide your answers to the following questions regarding sampling: 1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll or Accounts...

  • A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the...

    A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4.  Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll...

  • For each item, select the proper statistical term. Terms are only used once and each item...

    For each item, select the proper statistical term. Terms are only used once and each item has only one correct answer.       -       A.       B.       C.       D.       E.       F.       G.       H.       I.       J.       K.       L.       M.       N.       O.       P.    Hanna, CPA, identified the item in which...

  • Please help with problem 8-56 and 8-57. Thank you!!! 8-56 106 Assume you are planning the...

    Please help with problem 8-56 and 8-57. Thank you!!! 8-56 106 Assume you are planning the confirmation of accounts receivable. There are 2,000 customer accounts with a total book! value of $5,643,200. Tolerable misstatement is set at $200,000, and expected misstatement is $40,000. The risk of incorrect accep- tance is 30%. The ratio of expected to tolerable misstatement is 20%, and the ratio of tolerable misstatement to the population is 3.5% (round down to 3% for use in Exhibit 8.7)...

  • 1. Consider the following statements:        I. Clearly trivial and not material are terms that can...

    1. Consider the following statements:        I. Clearly trivial and not material are terms that can be used interchangeably.       II. The higher the dollar amount of (performance) materiality the less audit evidence is required.       a. I is true;   II is true       b. I is true;   II is false       c. I is false; II is true       d. I is false; II is false 2. Consider the following statements:         I. Per auditing standards, the successor [new]...

  • Use Excel Functions and show which functions you used. You may take screenshots. For Problems #1 through #9, consider the following information: According to product packaging, the calorie count for...

    Use Excel Functions and show which functions you used. You may take screenshots. For Problems #1 through #9, consider the following information: According to product packaging, the calorie count for a single house brand premium milk chocolate chip pecan cookie baked exclusively for Sale Mart is 200 calories. A consumer health testing lab tech is double checking this claim, and has collected a random sample of 16 individual milk chocolate chip pecan cookies. The corresponding calories were as follows 193...

  • LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with...

    LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT