The following are some of the specific activities performed in a monetary unit sampling (MUS) application. Using the correct letter, indicate which major step in an MUS sampling application is most closely associated with the specific activity. Each step is associated with only one activity.
1. Calculating the tainting percentage | Determine sample size | ____ |
2. Calculating the sampling interval | Define the attribute of interest | ____ |
3. Identifying an example of what type of response from a customer constitutes an exception to an accounts receivable confirmation | Select the sample | ____ |
4. Estimating the expected error and tolerable misstatement | Evaluate sample results | ____ |
5. Identifying the financial statement assertion(s) of interest in the audit of an account balance or class of transactions | Determine the objective of sampling | ____ |
6. Calculating the basic allowance for sampling risk, projected misstatement, and incremental allowance for sampling risk | Define the population | ____ |
7. Determining the completeness of the client’s electronic accounts receivable file | Measure sample items | ____ |
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