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Since an auditor is unable to examine every transaction, it is necessary to determine how many transactions to examine. After completing all the steps of the internal control audit process, the auditor determines a sample of transactions to audit.
The statistical use of PPS is one way to determine sample size for certain accounts. The other method is the classical variables approach, in which the sample size is determined by the professional judgment of the auditor.
How does an auditor use their professional judgment to set the sample size?
How reliable is that judgment?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
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Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
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Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?
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