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Question - The audit program for the audit of sales at Minter Pty Ltd (Minter) requires you to perform a test of controls for the occurrence assertion for purchases by inspecting a sample of Purchase Orders to determine whether or not they had been approved by the Purchasing Manager. (Approval is evidenced by the Manager's signature.)
The audit program states that the first Purchase Order used for the year was number 5117001 and the last used was number 5117300. Your audit firm uses a sample size of 6 % of the population and a Tolerable Deviation Rate of 5%. You performed the test and found that 1 Purchase Order was not signed.
Required -
(i) Is Minter's internal control over purchasing effective?
(ii) Explain your answer and show calculations.
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