(Objective 17-3) Assume that a sample of 100 units was obtained in sampling the inventory in Question 17-14. Assume further that the following three misstatements were found:
Misstatement | Recorded Value | Audited Value |
1 | $ 897.16 | $ 609.16 |
2 | 47.02 | 0 |
3 | 1,621.68 | 1,522.68 |
Calculate the overstatement bound for the population. Draw audit conclusions based on the results.
Objective 17-3
Apply monetary unit sampling.
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