Based on the Audit Plan created last week, create a plan for sampling and testing...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Based on the Audit Plan created last week, create a plan for sampling and testing controls.
This can be done in a table format in your Excel workbook of audit papers. Include the account or process (i.e. Accounts Receivable or Cash Handling), objective, method, exception criteria, population, sampling unit, and tolerable exception rate. For Sampling units, where exact numbers are not known (such as a total number of customer accounts within Accounts Receivable), use an appropriate portion such as 1 out of 1,000.
In your spreadsheet, be sure to include your reasons for the criteria your team chooses.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
