Question: When selecting a variables sampling approach when should the audit
When selecting a variables sampling approach, when should the audit team use MUS and classical variables sampling?
Answer to relevant QuestionsWhat factors affect the size of a sample in a nonstatistical sampling application?When evaluating the results of an MUS sampling application, the audit team should com-pare the upper limit on misstatements to the a. Expected misstatement. b. Incremental allowance for sampling risk. c. Projected ...Assume that an account with a recorded balance of $ 5,000 has an audited balance of $ 3,000. By using monetary unit sampling, if the sampling interval is $ 1,500, the projected misstatement would be a. $ 600 . b. $ 900 . c. ...A component of an account balance has a recorded balance of $ 10,000 and an audited balance of $ 8,000. By using monetary unit sampling, if the sampling interval is $ 20,000, the projected misstatement would be a. $ 2,000 . ...Monetary Unit Sampling. Blythe Drake is conducting an audit of Newman and is using MUS to select a sample of customer accounts receivable for confirmation. Newman’s accounts receivable are recorded at $ 10,000,000 and ...
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