Based on the information in Problem 8-56, assume that your sampling interval is $100,000. a. What is
Question:
Based on the information in Problem 8-56, assume that your sampling interval is $100,000.
a. What is your statistical conclusion if no misstatements are found in the sample? Is the account balance acceptable? Explain.
b. Calculate the total estimated misstatement assuming the following misstatements are found in the sample:
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c. Do these results indicate that the account balance, as stated, is acceptable? Explain.
d. If the results are not acceptable, what courses of action are available to the auditor?
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a The audit conclusion if no misstatements are found in the sample is that the auditor is 70 percent confident that accounts receivable are not overstated by more than 121000 the basic precision 121 x ...View the full answer
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Related Book For 
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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