ACC 490 Week 5 Learning Team Assignment Audit Sampling Case Memo and Presentation

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ACC 490 Week 5 Learning Team Assignment Audit Sampling Case Memo and Presentation

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Audit Sampling Case MembersACC 490 / AuditingDateInstructorMemorandumTo:John SmithFrom:Audit Team CDate:April 18, 2011Re:Mt. Hood Furniture AuditAudit ObjectivesThe primary objective of the audit is to provide an assessment on the accuracy of the inventory of Mt. Hood Furniture. This is important to Mt. Hood Furniture because it will have a direct effect on the financial statements of the company. Inventory is a balance sheet item that affects the companys assets where misstatement will overstate or understate its balance. We have separately observed the inventory and we are satisfied that the inventory was accurately counted. However, further testing should be conducted on the transcribing process of the final accumulation and valuation of inventory and the accuracy of accumulated prices. Sample SizePopulation size is an essential portion of knowledge required when performing an analysis for data. It has to be pulled exactly right to determine the sample size for the project. The population consists of a total of 554 items in Mt. Hood Furnitures inventory. Of the 554 items, 33 were selected for review. Of the 33 selected, nine items in the inventory were found to be misstated. The audited value of the 33 items selected totaled $1,190,834.05. Of that amount, $144,984.30 of total misstatement was found. The misstatement equals the difference between the book value of the company and the audited value. Based on the sampling miss

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