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In: Accounting

Question: Confirmation number Customer Name Recorded balance $ confirmed by customer 1 Representative Corporation $5,000 Confirmation...

Question:

Confirmation number Customer Name Recorded balance $ confirmed by customer

1 Representative Corporation $5,000 Confirmation not recieved

2 Illustration LLC $8,000 $8,000

3 Selection Partnership $10,000 $9,800

4 Specimen Inc. (a related party) $2,000,000 $1,950,000

Q4-ii. On the basis of the accounts receivable confirmation results received (as presented above), what are the conclusions for each of the sample items selected?

Confirmation Number Evaluation of Results: (A)Fail/Exception; (B)Pass/No Exception; or (C) Cannot be Determined [Put only 1 letter below]

1 (EX: A)

2

3

4

Q4-iii. Should any errors be extrapolated over the entire population given that the only identified error relates to Confirmation 3 and Confirmation 4? Explain why briefly

Confirm # (only 3 & 4) Extrapolate Error: [(A) Yes, (B) No ]- (Explain why briefly.)

3 (EX: A- Because XXX.)

4

Q4-iv. Assume that the following final results of the Sample (See table below), determine whether (a)there is a material misstatement, or (b) whether the sample passes; & Explain why briefly

ANSWER: EX: (a) - because XXX.

Strata Bases of Strata Recorded Balance Audited amount

1 Representative Homogeneous Population $20,000,000 $19,100,000

2 High Dollar Value Items $2,000,000 $1,950,000

TOTAL FULL POPULATION $22,000,000 $21,050,000

Expert Solution

ekkarill92 answered 1 year ago

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