Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Requirement a. State an effective audit procedure for testing whether shipments have been billed. What is the sampling unit for the audit procedure? To test

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Requirement a. State an effective audit procedure for testing whether shipments have been billed. What is the sampling unit for the audit procedure? To test whether shipments have been billed, a sample of should be selected and examined to see if they have the proper attached. The sampling unit will therefore be the Requirement b. Assume that you expect no exceptions in the sample but are willing to accept a TER of 3 percent. At a 5 percent ARO. what is the appropriate sample size for the audit test? You may complete this requirement using attributes sampling. The appropriate sample size for the audit test is Requirement c. Design a random selection plan for selecting the sample from the population, using systematic sampling. Use the sample size determinec in part b. Use a random starting point of 5151 . (Round to the nearest whole number.) Using systematic sampling. the sample will be selected by beginning with 5151 and then selecting at intervals of Thus, 5151 will be the first selection. will be selected next, followed by , and 50 on. More info In providing control over shipments, the client has prenumbered "warehouse the sampling unit for the audit procedure? removal slips" that are used for every sale. It is company policy never to remove goods from the warehouse without an authorized warehouse removal slip. d examined to see if they have the proper After shipment, two copies of the warehouse removal slip are sent to billing for the computerized preparation of a sales invoice. One copy is stapled to the duplicate copy of a prenumbered sales invoice, and the other copy is filed numerically. In some cases, more than one warehouse removal slip is used for billing one sales invoice. The smallest warehouse removal slip number for the year is 5070 and the largest is 26354. The smallest sales invoice number is 35938 and the largest is 55625. natic sampling. Use the sample size determined als of , and so on. Determining Sample Size for Attributes Sampling ARO of 5% Determining Sample Size for Attributes Sampling ARO of 10%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

5. If yes, then why?

Answered: 1 week ago

Question

6. How would you design your ideal position?

Answered: 1 week ago