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Attribute Sampling Your firm has selected you to develop and assess the control risk over shipping and billing functions of ABC Company. The audit manager wishes to rely on control risk assessment at a low level. In other words, the firm would like to be able to assess internal control risk at a low level. You wish to estimate control risk at the desired low-level, therefore you selected a tolerable deviation rate of 20%. To estimate the population deviation rate and the computer and upper deviation rate you have applied discovery sampling techniques that would use an expected population deviation of 3%. There are 8000 shipping documents and to postpone consideration of the allowable risk of assessing risk to low until the sample results were evaluated. You use the tolerable deviation rate, the population size, and expected population deviation rate to determine the sample size of 80 should be sufficient. Later you discovered that the actual population size was 10,000 shipping documents therefore you've increased your size by 100. your objective is to determine wether ABC's shipping have been properly billed. You took the sample of 100 invoices by selecting the first 25 minutes invoices from the first month of each quarter then you compare those to the corresponding pre-numbered shipping documents. you discovered eight deviations and one shipping that should have built at $10,440 but was actually billed at $10550. You consider this amount to be immaterial and did not counted it as an error. In your valuation you have made the initial determination that a 5% risk of assessing control risk to low was desired and using the appropriate statistical sampling table you determine that for the deviations from sample size of 100 the computed upper deviation rate was 14%. when you calculated the allowance or sampling risk you determined it to be 5%, the difference between the actual sample deviation rate which was 8% and expected rate which you decided was 3%. you determine that the actual sample deviation rate plus it allows for sampling risk, 5%, was less than the computed upper the actual sample deviation rate plus it allows for sampling risk 5% was less than the computed upper deviation rate of 14%. Given this you determined that the sample supported a low level of control risk. Prepare and describe each incorrect assumption, statement and/are inappropriate application in the above procedures
Examine Footnote 8 to Foot Locker's consolidated financial statements (Other Current Assets). Notice that included in this total is "net receivables." Ending net receivables for 2006 (beginning balance of 2007) were $59 million.
The investments were sold for $175,000 cash. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities?
ohs solutions pty. ltd. is a company formed by three friends des satish and emma who bring different skills and
XYZ Company is building a new hockey rink at a cost of $1,500,000. It received a down payment of $500,000 from local businesses in support of the project and now needs to borrow $1,000,000 to complete the project. It therefore decides to issue $1,..
during april leary company sold 1000 units of product q. its beginning inventory and purchases during the month are
A machine that originally cost $25,000 and was depreciated on a straight line basis has one year of its expected 5-year life remaining. Its current value is $12,000. The corporate tax rate is 34%.
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method.
There are three partners in Stewart Enterprises: Stewart, Tedder and Armstrong. At the end of the year, the partners' capital accounts were in the ratio of 2:1:2, respectively. Compute the ending capital balances of the three partners.
Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.
carver test systems manufactures automated test systems that perform quality inspections during and at the completion
he bonds will be insured up to $17,000, so Jose doesn't want to invest more than that amount in bonds which will earn 4 1/2%. What will be the maximum amount of interest that Jose could learn?
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