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8-58 LO 6 Assume that you are auditing the inventory of Husky Manufacturing Company for the year… 1 answer below » 8-58 LO 6 Assume that you are auditing the inventory of Husky Manufacturing Company for the year ended December 31, 2013, and you are using MUS. The book value is $8,124,998.66. The risk of incorrect acceptance is 10% (90% confidence level). The tolera- ble misstatement is $275,000, and expected misstatement is $80,000, so the ratio of expected misstatement to tolerable misstatement is 29%. The ratio of tolerable misstatement to the population book value is 4.3%. a. Calculate the sample size and the View complete question » 8-58 LO 6 Assume that you are auditing the inventory of Husky Manufacturing Company for the year ended December 31, 2013, and you are using MUS. The book value is $8,124,998.66. The risk of incorrect acceptance is 10% (90% confidence level). The tolera- ble misstatement is $275,000, and expected misstatement is $80,000, so the ratio of expected misstatement to tolerable misstatement is 29%. The ratio of tolerable misstatement to the population book value is 4.3%. a. Calculate the sample size and the sampling interval. b. Calculate the total estimated misstatement assuming the follow- ing misstatements were found in the sample: Book Value Audit Value $41,906.45 $36,906.45 $335,643.28 $333,643.28 What conclusion do you reach based upon your calculation? View less » Nov 30 2015 05:09 PM
