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Robert and Donna, two auditors you work with at the Internal Audit Department of ABC Company, have independently assessed the risks associated with the accounts receivable. The appropriate audit risk for both is determined to be .02. Both agree that inherent risk should be set at the maximum (1.0) and that no analytical procedures will be performed. Robert evaluates control risk as moderate (.40) while Donna assesses it as relatively low (.20).
ABC Company processes an average of 400 vouchers payable every month. Each voucher package contains a copy of the cheque disbursed and supporting documents such as vendor invoices, receiving reports, and purchase orders. The Auditor plans to example a sample of vouchers listed in the voucher registry using attribute sampling to evaluate the effectiveness of several controls.
The attributes include:
I) Agreement of voucher amounts with invoice amounts;
II) Voucher canceled after payment
Required:
Problem a) What is the risk of incorrect acceptance for Robert and for Donna and which auditor will have to collect the most evidence (explain your reasoning)?
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