Edwards has decided to use monetary-unit sampling in the audit of a client Edwar

Question

Edwards has decided to use monetary-unit sampling in the audit of a client

Edwards has decided to use monetary-unit sampling in the audit of a client's accounts receivable balance. Few, if any, misstatements of account balance overstatement are expected. Calculate the sample size and the sampling interval using Table 8-5, Edwards should use for the following information: Calculate the UML assuming that the following three misstatements were discovered in an MUS sample using Table 8-5, Table 9-3.

Explanation / Answer

The advantages of MUS over classical variables sampling are as follows:

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