pps sampling

Project Description:

13-26 (evaluating a pps sample) assume the following misstatements were found in a pps
sample:
chapter 13 / audit sampling
sample item book value audit value
1 $ 650 $ 585
2 540 0
3 1,900 0
4 2,200 1,650
5 2,800 2,660
required
a. calculate the projected misstatement assuming
1. the sampling interval was $1,800.
2. the sampling interval was $2,000.
b. if a risk of incorrect acceptance of 15 percent was specified in the sample design, the
sampling interval was $2,000, and five misstatements were found as enumerated above,
calculate
1. basic precision.
2. the incremental allowance for sampling risk.
3. the upper misstatement limit.
c. if tolerable misstatement was $50,000 and anticipated misstatement was $10,000, what
conclusion would you reach based on your results in (b) above?
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