Question

Population: 139 Population $: $716,542 Overal Risk: Medium/Low Sample Size: 13 Recorded Value: $68,034 Audited Value...

Population: 139

Population $: $716,542

Overal Risk: Medium/Low

Sample Size: 13

Recorded Value: $68,034

Audited Value : $63,418

Actual Misstatement: $ 4,616

What is the Projected Misstatement?

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Answer #1
Note Description Formulae Amount
(a) Total Population size 139
(b) Total Population value    7,16,542
(c) Sample size 13
(d) Recorded value        68,034
(e) Audited Value        63,418
(f) % of Mis-statement (((d)-(e))/(d)*100)            6.78
(g) % of sample testing ((c)/(a)*100)            9.35
(h) Projected mis-statement ((b)*(f)*100) 48,61,625
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