Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your audit team was tasked with testing a sample of your client's cash disbursements to verify that any invoices paid had an authorized purchase order

image text in transcribed

Your audit team was tasked with testing a sample of your client's cash disbursements to verify that any invoices paid had an authorized purchase order recorded on file prior to the date of the cash disbursement. Your team chose the following parameters for the audit procedures, resulting in the sample size shown below. Desired Confidence Level: 95% Tolerable Deviation Rate: 6% Sample Size: 195 As your team was performing its tests of this control over cash disbursement, the team ide ons where a check was paid on an invoice that did not have a previouslyauthorized purchase order. Based on this information, what was your audit team's Sample Deviation Rate for this audit procedure? (Round your answer to three decimal places. Use the following format: XX.Y\% would be recorded as 0.XXY ) Your audit team was tasked with testing a sample of your client's cash disbursements to verify that any invoices paid had an authorized purchase order recorded on file prior to the date of the cash disbursement. Your team chose the following parameters for the audit procedures, resulting in the sample size shown below. Desired Confidence Level: 95% Tolerable Deviation Rate: 6% Sample Size: 195 As your team was performing its tests of this control over cash disbursement, the team ide ons where a check was paid on an invoice that did not have a previouslyauthorized purchase order. Based on this information, what was your audit team's Sample Deviation Rate for this audit procedure? (Round your answer to three decimal places. Use the following format: XX.Y\% would be recorded as 0.XXY )

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

Step: 3

blur-text-image

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

Modern Auditing

Authors: Graham Cosserat

1st Edition

0471810584, 9780471810582

More Books

Students also viewed these Accounting questions

Question

What is management growth? What are its factors

Answered: 1 week ago