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What is the allowance for sampling risk

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Reference no: EM131097509

1) You are an auditor on an engagement examining your client's purchasing controls (population size is 35,000). You have established a risk of overreliance of 10%, an expected population deviation rate of 1.5% and a tolerable rate of deviation of 5%.

2) You are an auditor on an engagement. A component of an account balance has a recorded balance of $9k and an audited balance of $7k. Using MUS, if the sampling interval is $20k, the projected misstatement would be..?

3) You are an auditor on an engagement. Assume you found three deviations in a sample of 90 transactions. Using AICPA sample evaluation tables, the upper limit rate of deviation at a 5% risk of overreliance is...

4) You are an auditor on an engagement. You examine a sample of a 100 items and find five deviations. You calculate an upper deviation of 9.1 percent. What is the allowance for sampling risk?

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Reference no: EM131097509

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