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Below are some facts about the audit of an accounts receivable balance: Population: $421,000 Sample Size: 40 (5 items exceeding ISI, 25 items less than

Below are some facts about the audit of an accounts receivable balance:

Population: $421,000

Sample Size: 40 (5 items exceeding ISI, 25 items less than ISI (randomly selected)

Sample dollar amount: $89,200

ISI amount: $15,000

Tolerable Misstatement: $20,000

Projected Misstatement: $22,500

Is the population materially misstated? Explain why or why not.

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