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Author Question: An auditor is confirming a population of accounts receivable for monetary correctness. The ... (Read 7 times)

ksmithunr

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on: Aug 21, 2022

Question 1

An accounts receivable population contains a total of four customers. The accounts, the amounts, and the cumulative total are shown below. Monetary unit sampling is to be used.

Account
Name		Recorded 
Amount		Cumulative
Total
Blue$357$357
Brown 281 638
Gray 60 698
Green 5741,272
Based on the information above, the population size is
◦ 4.
◦ 574.
◦ 1,272.
◦ 2,684.

Question 2

An auditor is confirming a population of accounts receivable for monetary correctness. The population totals $2,000,000 and a sample of 200 confirmations is obtained. Upon audit, no misstatements are uncovered in the sample. Assuming an ARIA of 10%, the confidence factor would be 2.31. Applied to a sampling interval of $10,000, the upper misstatement bound is calculated as
◦ $462.
◦ $4,329.
◦ $23,100.
◦ $865,801.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by ksmithunr on Aug 21, 2022

Khareemom14

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Reply #1 on: Aug 21, 2022
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ksmithunr

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Reply 2 on: Aug 21, 2022
Thanks for the timely response, appreciate it

kishoreddi

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Reply 3 on: Yesterday
Wow, this really help

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