AUDITING+ASSURANCE 12MONTH ACCESS CARD
17th Edition
ISBN: 9780135635131
Author: ARENS
Publisher: WILEY
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Question
Chapter 17, Problem 30DQP
(a).
To determine
Explain the audit approach of testing all three accounts balances in one sample
(b).
To determine
Compute the required
(c).
To determine
Compute the sample size for each of the three accounts.
(d).
To determine
Explain how the sample item in the population to audit for the number 4,627,871 will be identified and the procedures that will be performed.
(e).
To determine
Compute misstatements bound for three combined accounts and draw appropriate audit conclusions
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Students have asked these similar questions
After the audit planning procedures, your audit team decided to place the preliminary audit risk at a high level. Which of the following is correct?
A. The risk the planned further audit procedures will not be able to detect misstatement should be increased.
B. The auditors should plan set the timing of its extensive substantive testing at year-end.
C. The audit materiality levels should be increased.
D. The auditors should plan extensive substantive testing through analytical procedures.
Which of the following statements is not true?
a. Tests of transactions are often performed several months prior to the balance sheet dateb. It is common to use analytical procedures at any time during the auditc. When controls are not considered effective, or when control deviations are discovered, substantive tests will be eliminatedd. Tests of details of balances are normally done las
Carson Allister is performing a PPS application in the audit of Bird Company’s accounts receivable. Based on the acceptable level of the risk of incorrect acceptance of 5 percent and a tolerable misstatement of $120,000, Allister has calculated a sample size of 75 items and a sampling interval of $25,000. After examining the sample items, the following misstatements were identified:
(Use Exhibit F.A.2.)
Item
Recorded Balance
Audited Value
1
$35,000
$28,000
2
10,000
8,000
3
6,000
3,000
Required:
Calculate the upper limit on misstatements for Bird Company’s accounts receivable.
Chapter 17 Solutions
AUDITING+ASSURANCE 12MONTH ACCESS CARD
Ch. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - Prob. 10RQ
Ch. 17 - Prob. 11RQCh. 17 - Prob. 12RQCh. 17 - Prob. 13RQCh. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - Prob. 16RQCh. 17 - Prob. 17RQCh. 17 - Prob. 18RQCh. 17 - Prob. 19RQCh. 17 - Prob. 20RQCh. 17 - Prob. 21.1MCQCh. 17 - Prob. 21.2MCQCh. 17 - Prob. 21.3MCQCh. 17 - Prob. 22.1MCQCh. 17 - Prob. 22.2MCQCh. 17 - Prob. 22.3MCQCh. 17 - Prob. 23.1MCQCh. 17 - Prob. 23.2MCQCh. 17 - Prob. 23.3MCQCh. 17 - Prob. 24.1MCQCh. 17 - Prob. 24.2MCQCh. 17 - Prob. 24.3MCQCh. 17 - Prob. 25DQPCh. 17 - Prob. 26DQPCh. 17 - Prob. 27DQPCh. 17 - Prob. 28DQPCh. 17 - Prob. 29DQPCh. 17 - Prob. 30DQPCh. 17 - Prob. 31DQPCh. 17 - Prob. 32DQPCh. 17 - Prob. 34DQPCh. 17 - Prob. 35DQP
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