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ACT 5743-Precision is a statistical measure of the maximum

01 / 10 / 2021 Projects

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ACT 5743-Precision is a statistical measure of the maximum

QUESTION 1Precision is a statistical measure of the maximum likely difference between the sample estimate and the true but unknown population total and is directly related toReliability of evidenceRelative riskConfidence levelCost benefit analysis1 pointsQUESTION 2An account balance is $300,000 and there are 25 items in the account, six of which have balances that equal or exceed $15,000. The auditor plans to use a monetary-unit sampling plan with systematic sample selection. To ensure that all accounts with balances of at least $15,000 are selected, the sampling interval should be62012,00015,0001 pointsQUESTION 3In a monetary unit sample with a sampling interval of $5,000, an auditor discovers that a selected account receivable with a recorded amount of $10,000 has an audit amount of $8,000. If this were the only error discovered by the auditor, the projected misstatement for this sample would be$5,000$4,000$2,000$1,0001 pointsQUESTION 4. Monetary-unit sampling should not be used ifThe population includes several large itemsThe auditor expects overstatement errorsMany items in the account are expected to have errorsNo items in the account are expected to have errors



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