Assume that a sample of 100 units was obtained in sampling the inventory in Question. Assume further

Question:

Assume that a sample of 100 units was obtained in sampling the inventory in Question. Assume further that the following three misstatements were found:

Calculate adjusted misstatement bounds for the population. Draw audit conclusions based on theresults.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

See More Books

Question Posted: Oct 10, 2012 07:51 AM

See More Questions

The following information is obtained for a sample of 100 observations taken from a population. SSxx = 524.884 se = 1.464, and = 5.48 + 2.50x a. Make a 98% confidence interval for B. b. Test at the...
A sample of 100 students is to be taken to determine which of two brands of beer is preferred in a blind taste test. Suppose that, in the whole population of students, 50% would prefer brand A. a....
A sample of 100 men has average height 70 in. and standard deviation 2.5 in. A sample of 100 women has average height 64 in. and standard deviation 2.5 in. If both samples are combined, the standard...
In Exercises 1126, determine whether each equation defines y as a function of x. x + y = 16
Suppose short-run inverse demand in a monopolistically competitive market is represented by: p(x) = 18 - 0.2x. Cost is given by: TC(x) = 320 + 2x + 0.05x2. a. (liven these demand and cost conditions,...
Your team members reported on the work each had been doing, but Frank had clearly not put much effort into his part. LO.1
Design a plan to research and select a new or used automobile. lo1
Match each of the following statements with the appropriate accounting concept. Some concepts may be used more than once, while others may not be used at all. Use the notations shown to indicate the...
Boba-Phet Inc. had $282 million of sales last year, and it had $100 million of fixed assets that were being operated at 68% of capacity. In millions, how large could sales have been if the company...
Find e z in the form u + iv and |e z | if z equals 3 + 4i
An auditor is determining the appropriate sample size for testing inventory valuation using MUS. The population has 2,620 inventory items valued at $12,625,000. The tolerable misstatement for both...
Why is it difficult to determine the appropriate sample size for MUS? How should the auditor determine the proper sample size?
How do common size financial statement useful in analysis?
Explain why its important to study management.
Wildhorse has not logged since 2016. If Wildhorse logged and sold 1,062,000 board feet of timber in 2027, when the timber cruise (appraiser) estimated 5,900,000 board feet, determine the cost of...
Y = AK[1-a R P = QAKa-1[1-a W P = (1 -Q) AKL-a 1= 14 1 -4 Y = C
Inferring Transactions from Financial Statements (FSET) Wired.com Inc. is a large e-commerce company, with over $31 billion in revenues for the fiscal year ended December 31, 20X2. For the year ended...
Finding Standard Deviation from a Frequency Distribution. In Exercises 37-40, refer to the frequency distribution in the given exercise and compute the standard deviation by using the formula below,...
DIRECT DEVELOPMENT OF A STATEMENT OF CASH FLOWS. According to Laurie Bond, controller, Transworld Export engaged in the following transactions during a recent year: Made credit sales of $1,007,000....
At Glass Company, materials are added at the beginning of the process and conversion costs are added uniformly. Work in process, beginning: Number of units Transferred - in costs Direct materials...
Two major _______________ will participate in arms negotiations. (a) countrys, (b) countrys, (c) countries Choose the correct option.
Takema Yost & Co., a medium-sized CPA firm, was engaged to audit Stuart Supply Company. Several staff were involved in the audit, all of whom had attended the firms in-house training program on...
Define what is meant by a management assertion about financial statements. Describe how PCAOB assertions and assertions in international and AICPA auditing standards are similar and different.
What are the fundamental steps an auditor needs to consider when using audit data analytics (ADAs) as an audit evidencegathering tool?
What general conclusions can you draw about your companys liquidity, solvency and productivity based on your ratio calculations. Working Capital 2017 = $9,994 M 2016 = $10,673 M Current Ratio 2017 =...
Tami Tyler opened Tami's Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain...
5. The current spot exchange rate is 0.95/$ and the three-month forward rate is 0.91/$. Based on your analysis of the exchange rate, you are pretty confident that the spot exchange rate will be...

Assume that a sample of 100 units was obtained in sampling the inventory in Question. Assume further

Question:

Misstatement Recorded Value S 897.16 1,621.68 Audited Value S 609.16 1,522.68 47.02 0

Step by Step Answer:

Misstatement bounds using the attributes tables Using the attributes sampling table for a sampl...View the full answer

Auditing and Assurance services an integrated approach

Students also viewed these Auditing questions