Explaining the importance of the professional use of specialized audit tools (Attributes Sampling, Monetary Unit Sampling,...

Explaining the importance of the professional use of specialized audit tools (Attributes Sampling, Monetary Unit Sampling, and Data Analytics Tools).

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Professional Use of Attributes Sampling, Monetary Unit Sampling, and Data Analytics tools.

Attributes Sampling is used in finding out the effectiveness and efficiency of internal controls within the organization.

Monetary Unit Sampling is used for finding the accuracy of financial accounts.'

Data Analytics tools are used for analysis of data.

ekkarill92 answered 1 year ago

Discuss your ability to use specialized audit tools including sampling methods. Can you be an effective...

Discuss your ability to use specialized audit tools including sampling methods. Can you be an effective auditor without using these tools when auditing transaction cycles such as the Revenue Cycle? Explain.

Edwards has decided to use monetary-unit sampling in the audit of an entity’s accounts receivable balance....

Edwards has decided to use monetary-unit sampling in the audit of an entity’s accounts receivable balance. Few, if any, misstatements of account balance overstatements are expected. (8 points) a. Calculate the sample size and the sampling interval Edwards should use for the following information: Tolerable misstatement = $15,000 Expected misstatement = $6,000 Desired confidence level = 95% Recorded amount of accounts receivable balance $300,000 b. Calculate the upper misstatement limit (UML) assuming that the following three misstatements were discovered in...

An audit team would be most likely to use attributes sampling in which of the following...

An audit team would be most likely to use attributes sampling in which of the following situations? Multiple Choice a. Performing analytical procedures during the planning stages of the audit. b. Evaluating management's integrity during the client acceptance process. c. Determining the effectiveness of the audit committee in evaluating the entity's control environment. d. Examining purchase requisitions for proper authorization.

Identify the advantages and disadvantages of monetary-unit sampling.

audit sampling, population, population unit, and sample

Define the following terms: audit sampling, population, population unit, and sample.

25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely...

25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the concepts of tracing and vouching? Tracing starts at the source docs and ends at the financial statements, while vouching starts at the financial statements and ends at the source documents. Vouching starts at the source docs and ends at the financial statements, while tracing starts at the financial statements...

- Describe the monetary policy tools the Fed can use to affect the monetary base. -...

- Describe the monetary policy tools the Fed can use to affect the monetary base. - Compare and contrast expansionary and contractionary monetary policies.

explaining how you use statistics in your personal and professional life

Below are some of the specific activities performed in a monetary unit sampling application. Indicate, using...

Below are some of the specific activities performed in a monetary unit sampling application. Indicate, using the correct letter, which major step in monetary unit sampling application is most closely associated with the specific activity. Each step is associated with only one activity. A) Define the population. B) Determine the objective of sampling. C) Measure sample items. D) Select the sample. E) Define the attribute of interest. F) Determine sample size. G) Evaluate sample results. Estimating the expected misstatement and...

The following questions relate to nonstatistical and monetary unit sampling. Choose the best response. A number...

The following questions relate to nonstatistical and monetary unit sampling. Choose the best response. A number of factors influence the sample size for a substantive test of details of an account balance. All other factors being equal, which of the following would lead to a larger sample size? Greater reliance on internal control Greater reliance on substantive analytical procedures Smaller expected frequency of errors Smaller measure of tolerable misstatement The risk of incorrect acceptance relates to substantive tests and affects...

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