What opinion would you give on this account

Reference no: EM133609277

Question: You have been assigned to perform sampling procedures for your audit team. You are pulling a sample from the sales detail listing in order to perform substantive procedures relating to the revenue account - your audit team informs you that the risk of incorrect acceptance is 10%, while the tolerable misstatement is $100,000. Given the above information, what sampling approach is appropriate? Define it. What does the risk of incorrect acceptance mean? What are you concerned with as an auditor? If the tolerable misstatement were to be increased to $150,000, how would your sample size change and why? After procedures are completed, your team calculates the ULM to be $135,000. 4. What opinion would you give on this account? What are the recommended next steps?

Reference no: EM133609277

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