Question: Your audit team was tasked with testing a sample of your client's cash disbursements to verify that any invoices paid had an authorized purchase order

 Your audit team was tasked with testing a sample of your

Your audit team was tasked with testing a sample of your client's cash disbursements to verify that any invoices paid had an authorized purchase order recorded on file prior to the date of the cash disbursement. Your team chose the following parameters for the audit procedures, resulting in the sample size shown below. Desired Confidence Level: 95% Tolerable Deviation Rate: 6% Sample Size: 195 As your team was performing its tests of this control over cash disbursement, the team ide ons where a check was paid on an invoice that did not have a previouslyauthorized purchase order. Based on this information, what was your audit team's Sample Deviation Rate for this audit procedure? (Round your answer to three decimal places. Use the following format: XX.Y\% would be recorded as 0.XXY ) Your audit team was tasked with testing a sample of your client's cash disbursements to verify that any invoices paid had an authorized purchase order recorded on file prior to the date of the cash disbursement. Your team chose the following parameters for the audit procedures, resulting in the sample size shown below. Desired Confidence Level: 95% Tolerable Deviation Rate: 6% Sample Size: 195 As your team was performing its tests of this control over cash disbursement, the team ide ons where a check was paid on an invoice that did not have a previouslyauthorized purchase order. Based on this information, what was your audit team's Sample Deviation Rate for this audit procedure? (Round your answer to three decimal places. Use the following format: XX.Y\% would be recorded as 0.XXY )

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!