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Determine and prepare a working paper

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Reference no: EM132470877

This is what is provided:After completing the tests of controls for inventories and purchases for DTB Inc. for the year ended I have been assigned to work on the accounts receivable section of the 2019 audit of XYZ. I have completed your study of the internal controls (attribute sampling) over sales and receivables and have decided that the key control over the completeness of sales is that shipping orders must be matched to sales invoices.

1. determine the correct sample size.

2.test to see if the control is operating as described.

It is nnoted that:

  • Acceptable risk of incorrect acceptance (beta risk) = 5%. Expected population deviation rate = 1%
  • Tolerable deviation rate = 3%
  • After work you discovered that three shipping orders were not attached to sales invoices.

Question 1: Prepare a working paper and conclude whether the auditor can rely on the control of completeness of sales and receivables.

  • The working paper should include the sampling steps identified in the textbook for tests of controls. Each step should clearly specify how it relates to the facts in the question above.

Reference no: EM132470877

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