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Data Table Follow-up Comments by Auditor Accounts Accounts Receivable Receivable per per Records Confirmation 1. $ 2,839.00 $ 2,519.00 2. $ 5,525.00 -O- 3. $ 2,880.00 $ 80.00 4. $ 5. $ 1,120.00 $ 780.00 1,040.00 -0- Pricing error on two invoices. Customer mailed check 9/26; company received check 10/3. Merchandise returned 9/30 and counted in inventory; credit was issued 10/6. Footing error on an invoice. Goods were shipped 9/28; customer received goods on 10/2; sale was recorded on 9/28. Pricing error on a credit memorandum. Goods were shipped on 9/29; customer received goods 10/3; sale was recorded on 9/30. 6. $ 7. $ 3,340.00 $ 1,630.00 3,328.00 -O- Confidence Factors for Monetary Unit Sample Size Evaluation Risk of Incorrect Acceptance Number of Overstatement Misstatements 5% 10% 15% 20% 25% 30% 35% 50% 2.31 1.61 1.39 1.21 1.05 0.70 3.00 4.75 6.30 3.89 3.00 2.70 2.44 2.22 1.68 1.90 3.38 4.73 6.02 5.33 4.28 3.93 3.62 3.35 2.68 7.76 6.69 5.52 4.77 4.46 3.68 5.11 6.28 9.16 8.00 7.27 6.73 5.90 5.55 4.68 10.52 9.28 7.91 7.43 7.01 6.64 5.68 11.85 10.54 9.08 8.56 8.12 7.72 6.67 13.15 8.50 9.71 10.90 12.08 13.25 10.24 9.21 8.79 11.78 13.00 7.67 9.69 10.81 14.44 11.38 10.31 8.67 14.21 11.92 11.39 15.71 16.97 9.67 9.85 10.92 11.98 12.52 13.66 15.41 14.42 13.02 12.47 10.67 *Source: AICPA Audit Sampling Audit Guide (2012). Misstatements greater than 10 not illustrated. In the audit of Best Price Company for the year ended September 30, the auditor set a tolerable misstatement of $50,000 at an ARIA of 10%. A PPS sample of 100 was selected from an accounts receivable population that had a recorded balance of $1,800,000. The following table shows the differences uncovered in the confirmation process: E: (Click the icon to view the misstatements.) 5 (Click the icon to view the confidence factors for monetary unit sample size evaluation table.) Requirements a. Calculate the upper misstatement bound on the basis of the client misstatements in the sample. b. is the population acceptable as stated? If not, what options are available to the auditor at this point? Which option should the auditor select? Explain. Requirement a. Calculate the upper misstatement bound on the basis of the client misstatements in the sample. Begin by identifying which differences uncovered in the confirmation process are misstatements. Then calculate the misstatement amount and the tainting proportion. (If there is no misstatement, select "No" in the first column but leave all other cells blank. Do not enter a "O". Enter the tainting proportions as decimals rounded to three decimal places, X.XXX.) Factual Tainting Mistatement Misstatement / Misstatement? Amount Recorded Amount Yes $ 320 0.113 No Yes 0.972 2,800 80 Yes 0.071 No Complete the table below to compute the upper misstatement bound. Begin by calculating the amounts needed to calculate the overstatement bound and then, calculate the totals, basic precision and upper misstatement bound. (Enter the tainting proportion to three decimals places, X.XXX. Enter the incremental change in confidence factor to two decimal places, X.XX. Round all other amounts to the nearest whole dollars. Leave unused cells blank.) Projected Misstatement Plus Incremental Sampling Interval Projected Misstatement Incremental Change in Confidence Factor Allowance for Sampling Risk Tainting 0.972 0.113 0.071 0.004 Data Table Follow-up Comments by Auditor Accounts Accounts Receivable Receivable per per Records Confirmation 1. $ 2,839.00 $ 2,519.00 2. $ 5,525.00 -O- 3. $ 2,880.00 $ 80.00 4. $ 5. $ 1,120.00 $ 780.00 1,040.00 -0- Pricing error on two invoices. Customer mailed check 9/26; company received check 10/3. Merchandise returned 9/30 and counted in inventory; credit was issued 10/6. Footing error on an invoice. Goods were shipped 9/28; customer received goods on 10/2; sale was recorded on 9/28. Pricing error on a credit memorandum. Goods were shipped on 9/29; customer received goods 10/3; sale was recorded on 9/30. 6. $ 7. $ 3,340.00 $ 1,630.00 3,328.00 -O- Confidence Factors for Monetary Unit Sample Size Evaluation Risk of Incorrect Acceptance Number of Overstatement Misstatements 5% 10% 15% 20% 25% 30% 35% 50% 2.31 1.61 1.39 1.21 1.05 0.70 3.00 4.75 6.30 3.89 3.00 2.70 2.44 2.22 1.68 1.90 3.38 4.73 6.02 5.33 4.28 3.93 3.62 3.35 2.68 7.76 6.69 5.52 4.77 4.46 3.68 5.11 6.28 9.16 8.00 7.27 6.73 5.90 5.55 4.68 10.52 9.28 7.91 7.43 7.01 6.64 5.68 11.85 10.54 9.08 8.56 8.12 7.72 6.67 13.15 8.50 9.71 10.90 12.08 13.25 10.24 9.21 8.79 11.78 13.00 7.67 9.69 10.81 14.44 11.38 10.31 8.67 14.21 11.92 11.39 15.71 16.97 9.67 9.85 10.92 11.98 12.52 13.66 15.41 14.42 13.02 12.47 10.67 *Source: AICPA Audit Sampling Audit Guide (2012). Misstatements greater than 10 not illustrated. In the audit of Best Price Company for the year ended September 30, the auditor set a tolerable misstatement of $50,000 at an ARIA of 10%. A PPS sample of 100 was selected from an accounts receivable population that had a recorded balance of $1,800,000. The following table shows the differences uncovered in the confirmation process: E: (Click the icon to view the misstatements.) 5 (Click the icon to view the confidence factors for monetary unit sample size evaluation table.) Requirements a. Calculate the upper misstatement bound on the basis of the client misstatements in the sample. b. is the population acceptable as stated? If not, what options are available to the auditor at this point? Which option should the auditor select? Explain. Requirement a. Calculate the upper misstatement bound on the basis of the client misstatements in the sample. Begin by identifying which differences uncovered in the confirmation process are misstatements. Then calculate the misstatement amount and the tainting proportion. (If there is no misstatement, select "No" in the first column but leave all other cells blank. Do not enter a "O". Enter the tainting proportions as decimals rounded to three decimal places, X.XXX.) Factual Tainting Mistatement Misstatement / Misstatement? Amount Recorded Amount Yes $ 320 0.113 No Yes 0.972 2,800 80 Yes 0.071 No Complete the table below to compute the upper misstatement bound. Begin by calculating the amounts needed to calculate the overstatement bound and then, calculate the totals, basic precision and upper misstatement bound. (Enter the tainting proportion to three decimals places, X.XXX. Enter the incremental change in confidence factor to two decimal places, X.XX. Round all other amounts to the nearest whole dollars. Leave unused cells blank.) Projected Misstatement Plus Incremental Sampling Interval Projected Misstatement Incremental Change in Confidence Factor Allowance for Sampling Risk Tainting 0.972 0.113 0.071 0.004