mcmullen and mulligan, cpas, were conducting the audit of cusick

Project Description:

mcmullen and mulligan, cpas, were conducting the audit of cusick machine tool company for the year ended december 31. jim sigmund, senior-in-charge of the audit, plans to use mus to audit cusick’s inventory account. the balance at december 31 was $9,000,000. _br__br_required_br_a. based on the following information, compute the required mus sample size: _br_tolerable misstatement = $360,000 _br_expected misstatement = $90,000_br_risk of incorrect acceptance = 5%_br__br_b. nancy van pelt, staffaccountant, used the sample items selected in part (a) and performed the audit procedures listed in the inventory audit program. she notes the following misstatements: using this information, calculate the upper misstatement limit. what conclusion should van pelt make concerning the inventory?_br_c. assume that, in addition to the four misstatements identified in part (b), van pelt had identified the following two understatements: calculate the net projected population misstatement._br__br_
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