Edwards has decided to use monetary-unit sampling in the audit of an entity's accounts receivable balance. Few, if any, misstatements of account balance overstatement are expected. Required: a. Identify the advantages of using monetary-unit sampling over classical variables sampling. b. Calculate the sample size and the sampling interval Edwards should use for the following information: Tolerable misstatement 15,000 Expected misstatement 6,000 Desired confidence level 9
Edwards has decided to use monetary-unit sampling in the aud…
Sep 29, 2022
numerade.com
Dollar Unit Sampling - Excel University
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The firm of Le and Lysius was conducting the audit of Coomes Molding Corporation for the fiscal year ended October 31. Michelle Le, the partner in charge of the audit, decides that MUS is the appropriate sampling technique to use in order to audit Coomes' inventory account. The balance in the inventory at October 31 was 4,250,000. Michelle has established the following: risk of incorrect acceptance = 5 % (i.e., the desired confidence level of 95 % ), tolerable misstatement = 212,500, and expect
The firm of Le and Lysius was conducting the audit of Coomes M…
Jan 1, 2020
numerade.com
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