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In a monetary unit sample with a sampling interval of $23,500, an auditor discovered that a...
eek 1 Homework In a monetary unit sample with a sampling interval of 522,400, an auditor...
eek 1 Homework In a monetary unit sample with a sampling interval of 522,400, an auditor discovered that a selected account receivable with a recorded amount of $10,000 had an audit amount of $2,800. Calculate the projected misstatement for this one item Projected misstatement < Prev 2 of 10 Next >
In a monetary-unit sample with a sampling interval of $5,000, an auditor discovers that a selected...
In a monetary-unit sample with a sampling interval of $5,000, an auditor discovers that a selected account receivable with a recorded amount of $10,000 has an audit amount of $8,000. If this were the only error discovered by the auditor, the projected misstatement for this sample would be A. $5,000 B. $4,000 C. $2,000 D. $1,000
For monetary-unit sampling, a sampling interval of 400 means that: A) every 400th item in the...
For monetary-unit sampling, a sampling interval of 400 means that: A) every 400th item in the account will be selected in the sample. B) the average size of items in the account is 400. C) every 400th dollar in the account will be included in the sample. D) the average misstatement in sample items is $400. What is the correct answer? Why is it the correct answer? Why are the other choices incorrect?
An auditor used a nonstatisitcal sampling plan to audit the inventory of a bicycle supply company....
An auditor used a nonstatisitcal sampling plan to audit the inventory of a bicycle supply company. The auditor tested the recorded cost of a sample of inventory items by reference to vendors’ invoices. In performing the test, the auditor verified all the items on two pages selected at random from the client’s 400 page inventory listing. The sampling plan resulted in a test of $50,000 of the total book value of $5,000,000, and the auditor found a total of $5,000...
Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item...
Evaluating a PPS sample Assume the following misstatements were
found in a PPS sample:
Sample Item Book Value Audit Value
1 $ 650
$ 585
2 540 0
3 1,900 0
4 2,200 1,650
5 2,800 2,660
a. Calculate the projected misstatement assuming:
The sampling interval was $1,800.
The sampling interval was $ 2,000.
AP10.8 (LO 8) Challenging Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item Book Value Audit Value $ 585 $...
Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item...
Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item Book Value Audit Value 1 $ 650 $ 585 2 540 0 3 1,900 0 4 2,200 1,650 5 2,800 2,660 a. Calculate the projected misstatement assuming: The sampling interval was $1,800. The sampling interval was $ 2,000.
25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the co...
25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the concepts of tracing and vouching? Tracing starts at the source docs and ends at the financial statements, while vouching starts at the financial statements and ends at the source documents. Vouching starts at the source docs and ends at the financial statements, while tracing starts at the financial statements...
14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the...
14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the following: . The accounts receivable confirmation work revealed one pricing misstatement. The book value of $12,955.68 should be $11,984.00. The total misstatement based on this differ- ence is $14,465, which includes a $972 known misstatement and an unknown projected misstatement of $13,493. Nature Sporting Goods had understated the accrued vacation pay by $13,000. A review of the prior-year documentation indicates the following uncorrected misstatements:...
Only b and c. Thank you! AP10.8 (LO 8) Evaluating a PPS sample Assume the following...
Only b and c. Thank you!
AP10.8 (LO 8) Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item Book Value Audit Value $ 650 540 1,900 2,200 2,800 $ 585 0 0 1,650 2,660 Required a. Calculate the projected misstatement assuming: • The sampling interval was $1,800. The sampling interval was $ 2,000. b. If a risk of incorrect acceptance of 15% is specified in the sample design, the sampling interval is $2,000,...
17 Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book...
17
Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 10,800 receivable accounts with a total book value of $1,575,000. Robertson estimates the population's standard deviation to be equal to $21. After examining the overall audit plan, the auditors believe that the account's tolerable misstatement is $69,000, and that a risk of incorrect rejection of 10 percent and a risk of incorrect acceptance of...
eek 1 Homework In a monetary unit sample with a sampling interval of 522,400, an auditor discovered that a selected account receivable with a recorded amount of $10,000 had an audit amount of $2,800. Calculate the projected misstatement for this one item Projected misstatement < Prev 2 of 10 Next >
For monetary-unit sampling, a sampling interval of 400 means that: A) every 400th item in the account will be selected in the sample. B) the average size of items in the account is 400. C) every 400th dollar in the account will be included in the sample. D) the average misstatement in sample items is $400. What is the correct answer? Why is it the correct answer? Why are the other choices incorrect?
Evaluating a PPS sample Assume the following misstatements were
found in a PPS sample:
Sample Item Book Value Audit Value
1 $ 650
$ 585
2 540 0
3 1,900 0
4 2,200 1,650
5 2,800 2,660
a. Calculate the projected misstatement assuming:
The sampling interval was $1,800.
The sampling interval was $ 2,000.
AP10.8 (LO 8) Challenging Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item Book Value Audit Value $ 585 $...
14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the following: . The accounts receivable confirmation work revealed one pricing misstatement. The book value of $12,955.68 should be $11,984.00. The total misstatement based on this differ- ence is $14,465, which includes a $972 known misstatement and an unknown projected misstatement of $13,493. Nature Sporting Goods had understated the accrued vacation pay by $13,000. A review of the prior-year documentation indicates the following uncorrected misstatements:...
Only b and c. Thank you!
AP10.8 (LO 8) Evaluating a PPS sample Assume the following misstatements were found in a PPS sample: Sample Item Book Value Audit Value $ 650 540 1,900 2,200 2,800 $ 585 0 0 1,650 2,660 Required a. Calculate the projected misstatement assuming: • The sampling interval was $1,800. The sampling interval was $ 2,000. b. If a risk of incorrect acceptance of 15% is specified in the sample design, the sampling interval is $2,000,...
17
Saved Rachel Robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts receivable of Smith, Inc. Smith has 10,800 receivable accounts with a total book value of $1,575,000. Robertson estimates the population's standard deviation to be equal to $21. After examining the overall audit plan, the auditors believe that the account's tolerable misstatement is $69,000, and that a risk of incorrect rejection of 10 percent and a risk of incorrect acceptance of...
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