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Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book...
5 The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 9,600 accounts with a total book value of $1,270,000. You decide to use tolerable misstatement of $217,000, an incorrect acceptance risk of 20 percent, and an incorrect rejection risk of 15.0 percent. Using Excel, you estimated the standard deviation of the population as...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have de...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 10,200 accounts with a total book value of $1,275,000. You decide to use tolerable misstatement of $162,000, an incorrect acceptance risk of 10 percent, and an incorrect rejection risk of 5.0 percent. Using Excel, you estimated the standard deviation of the population as...
1 Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts...
1
Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts receivable. Will-Mart has 3,000 accounts receivable accounts with a total book value of $3,200,000 Duffney has determined that the account's tolerable misstatement is $450,000 His sample results are as follows: Average audited value Average book value $1,655 1,864 Required: Calculate the accounts receivable estimated audited value and projected misstatement using the (Do not round your intermediate calculations and round your final answer to nearest...
Teal Corporation has 2,000 accounts receivable, with a total book value of $300,000. Ricardo Ramaro, CPA,...
Teal Corporation has 2,000 accounts receivable, with a total book value of $300,000. Ricardo Ramaro, CPA, has selected and audited a sample of 100 of the accounts with a combined book value of $16,100; the total of the audited values was $16,000. Using the difference OR ratio estimation technique, calculate the accounts receivable estimated audited value and the projected misstatement Using the mean-per-unit method, calculate the accounts receivable estimated audited value and the projected misstatement Why do we compare the...
Gurjot Gill, CPA has randomly selected and audited a sample of 100 of Chrisel Gladson Corporation's...
Gurjot Gill, CPA has randomly selected and audited a sample of 100 of Chrisel Gladson Corporation's accounts receivable. Chrisel Gladson Corp. has 14,000 accounts receivable accounts with a total book value of $14,000,000. Gurjot Gill has determined that the account's tolerable misstatement is $100,000. Her sample results are as follows: Average audited value $997 Average book value 999 Calculate the accounts receivable estimated audited value and projected misstatement of Chrisel Gladson Corp. using the: Mean-per-unit method. Ratio method. Difference method.
Problem 9-46 [LO 9-7, 9-8] Scott Duffney, CPA, has randomly selected and audited a sample of...
Problem 9-46 [LO 9-7, 9-8] Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart’s accounts receivable. Will-Mart has 3,000 accounts receivable accounts with a total book value of $3,950,000. Duffney has determined that the account’s tolerable misstatement is $1,200,000. His sample results are as follows: Average audited value $ 1,310 Average book value 1,318 Required: Calculate the accounts receivable estimated audited value and projected misstatement using the: Estimated Audited Value Projected Misstatement a Mean-Per-Unit Method...
Please answer A, B, C Thanks! only used for Class Discussion Exercise Kayla Reed is using...
Please answer A, B, C
Thanks!
only used for Class Discussion Exercise Kayla Reed is using mean-per-unit estimation in the audit of Hamilton's inventory balances. Hamilton's inventory is recorded at $240,000 and comprises 1.200 different items. Reed determined a sample size of 120 items and performed the appropriate substantive procedures and based on this sample, determined the following: Average audited value (per item) Standard deviation of audited values $ 204 $ 22 A summary of some additional parameters estimated by...
15 Assume that you have selected the following nonstatistical sample for selecting accounts receivable for confirmation....
15 Assume that you have selected the following nonstatistical sample for selecting accounts receivable for confirmation. The total book value of the population is $9,000,000, and tolerable misstatement is $350,000. You have decided to audit every item over $50,000 and randomly select items in two groups under $50,000, as the following shows. You selected the following sample. Stratum N n a) >$50,000 b) 50,000>X>4,999 c) <5,000 20 100 300 20 30 30 Book Value of Stratum $3,000,000 3,000,000 3,000,000 9,000,000...
4 The following information applies to the questions displayed below) The auditors of Landi Corporation wish...
4
The following information applies to the questions displayed below) The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the reasonableness of the accounts receivable. Landi has 12.400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 9,600 accounts with a total book value of $1,270,000. You decide to use tolerable misstatement of $217,000, an incorrect acceptance risk of 20 percent, and an incorrect rejection risk of 15.0 percent. Using Excel, you estimated the standard deviation of the population as...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 10,200 accounts with a total book value of $1,275,000. You decide to use tolerable misstatement of $162,000, an incorrect acceptance risk of 10 percent, and an incorrect rejection risk of 5.0 percent. Using Excel, you estimated the standard deviation of the population as...
1
Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts receivable. Will-Mart has 3,000 accounts receivable accounts with a total book value of $3,200,000 Duffney has determined that the account's tolerable misstatement is $450,000 His sample results are as follows: Average audited value Average book value $1,655 1,864 Required: Calculate the accounts receivable estimated audited value and projected misstatement using the (Do not round your intermediate calculations and round your final answer to nearest...
Please answer A, B, C
Thanks!
only used for Class Discussion Exercise Kayla Reed is using mean-per-unit estimation in the audit of Hamilton's inventory balances. Hamilton's inventory is recorded at $240,000 and comprises 1.200 different items. Reed determined a sample size of 120 items and performed the appropriate substantive procedures and based on this sample, determined the following: Average audited value (per item) Standard deviation of audited values $ 204 $ 22 A summary of some additional parameters estimated by...
15 Assume that you have selected the following nonstatistical sample for selecting accounts receivable for confirmation. The total book value of the population is $9,000,000, and tolerable misstatement is $350,000. You have decided to audit every item over $50,000 and randomly select items in two groups under $50,000, as the following shows. You selected the following sample. Stratum N n a) >$50,000 b) 50,000>X>4,999 c) <5,000 20 100 300 20 30 30 Book Value of Stratum $3,000,000 3,000,000 3,000,000 9,000,000...
4
The following information applies to the questions displayed below) The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the reasonableness of the accounts receivable. Landi has 12.400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the...
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