AICPA



Audit 461 Assignment--Professional Standards (10 points)

AICPA

Professional Standards

In the School of Business Applications folder on the computer screen in the labs—open and find--

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The in-charge auditor wants to make sure that you understand the concepts of audit sampling. She wants you to read AU 350 and the appendix to AU 350 (Relating the Risk of Incorrect Acceptance for a Substantive Test of Details to Other Sources of Audit Assurance).

In the appendix from Table 2 she wants you to explain in one or two sentences what each item (a, b, c, d, e, f) in the table really means.

Then she wants you to create a new table 1, with new RMM factors of 25%, 50%, 75%, and 100%.

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