What options are available to the audit team if the upper limit rate of deviation is higher than the tolerable rate of deviation?
Answer to relevant QuestionsDefine discovery sampling. When is it typically used?Describe the process used to select an MUS sample. Why does this process tend to select larger dollar components or transactions for examination?When selecting a variables sampling approach, when should the audit team use MUS and classical variables sampling?The unique feature of monetary unit sampling is that a. Sampling units are not chosen at random. b. A dollar unit selected in a sample is not replaced before the sample selection is completed. c. Auditors need not worry ...To determine the sample size for a classical variables sampling application, an audit team should consider the tolerable misstatement, risk of incorrect acceptance, risk of incorrect rejection, population size, population ...
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