Barry Hannah, CPA, plans to use attributes estimation to help assess control risk for the Oxford Company's
Question:
Barry Hannah, CPA, plans to use attributes estimation to help assess control risk for the Oxford Company's control procedures over credit sales transactions. Hannah has begun to outline main steps in the sampling plan:
a. State the objectives of the test (e.g., to test the reliability of controls over sales).
b. Define the population (and the period covered by the test).
c. Define the sampling unit (e.g., sales invoices).
Required:
1. What are the remaining steps Hannah should include in the statistical test of sales invoices?
2. How does statistical sampling help the auditor?
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