Question: The auditor campany is using monetary unit sampling to estimate the Accounts Receivable balance at year end. The auditor determined the risk of incorrect acceptance

The auditor campany is using monetary unit sampling to estimate the Accounts Receivable balance at year end. The auditor determined the risk of incorrect acceptance of 5% and used a table to find a reliability factor of 3.0. The auditor also determined a sampling interval of $6,000 based on the population book value and the sample size. Only one error was found in the sample. An account had an audited value equal to $3124 . This audited value was lower than the account's book value by an amount equal to $256 Required: A. What is the tainting percentage for this account? Show your work!!! and round off your answer to three decimal places, e.g., 10.0% B. What is the projected misstatement? Show your work!!! and round off your answer to the nearest dollar. C. What is the upper limit on misstatement?

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