Maurice Tutor

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Category > Accounting Posted 11 Aug 2017 My Price 12.00

monetary-unit sampling

Edwards has decided to use monetary-unit sampling in the audit of a client's accounts receivable balance. Few, if any, misstatements of account balance overstatement are expected.

 

Required:
b.

Calculate the sample size and the sampling interval using Table 8-5, Edwards should use for the following information: (Use the tables, not ACL, to solve for these problems. Round your interval answers to the nearest dollar amount. Omit the "$" sign in yourresponse.)

 

       
Tolerable misstatement $ 15,000  
Expected misstatement $ 6,000  
Desired confidence level   95 %
Recorded amount of accounts receivable $ 300,000  

 

  Using table 8-5
Sample size  
Sampling interval $

 

c.

Calculate the UML assuming that the following three misstatements were discovered in an MUS sample using Table 8-5, Table 9-3. (Use the tables, not ACL, to solve for these problems.Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

 

Misstatement Number Book Value Audit Value  
1 $ 400 $ 320  
2   500   0  
3   3,000   2,500  

 

   
UML using the table 8-5 $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 07:08 PM My Price 12.00

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