1. Assume you've been asked to perform tests of details on a series of sales transactions. The manager on the engagement tells you planning materiality is $1750,000, and tolerable misstatement for this procedure is $800,000. From a total population of 2208 transactions totaling $33,531,702, you draw a sample of 161 observations representing $2,565,887 in sales. In examining the detail of each transaction in your sample, you identify a series of misstatements that result in an overstatement of $208.615

what is the amount of likely overall misstatement if you project your sample finding to the overall population based on the misstatement per transaction?

2. Assume you've been asked to perform tests of details on a series of sales transactions. The manager on the engagement tells you planning materiality is $636,000, and tolerable misstatement for this procedure is $225,000. From a total population of 2208 transactions totaling $44,032,574, you draw a sample of 63 observations representing $1671,711 in sales. In examining the detail of each transaction in your sample, you identify a series of misstatements that result in an overstatement of $135.295

what is the amount of likely overall misstatement if you project your sample finding to the overall population based on the misstatement per transaction?

Answer rating: 100% (QA)

Soluction Terlal value of Total value of sample Pobulation 33531702 2565887 203615 Mis staments Id... View the full answer