Question: During an audit of Potter Company an auditor needs to
During an audit of Potter Company, an auditor needs to estimate the total value of the 5,000 invoices processed during June. The auditor estimates the standard deviation of the population to be $30. Determine the size sample the auditor would select to achieve an allowance for sampling risk (precision) of ±$25,000 with 4.6 percent risk of incorrect rejection.
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