acc_490_week_2_individual_assignme...

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acc_490_week_2_individual_assignme...

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Running head: AUDIT SAMPLING CASE1Audit Sampling CaseMembersACC 490 / AuditingDateInstructorAUDIT SAMPLING CASE2MemorandumTo: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 theinventory of Mt. Hood Furniture. This is important to Mt. Hood Furniture because it will have adirect effect on the financial statements of the company. Inventory is a balance sheet item thataffects the companys assets where misstatement will overstate or understate its balance. Wehave separately observed the inventory and we are satisfied that the inventory was accuratelycounted. However, further testing should be conducted on the transcribing process of the finalaccumulation and valuation of inventory and the accuracy of accumulated prices.Sample SizePopulation size is an essential portion of knowledge required when performing ananalysis 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 554items, 33 were selected for review. Of the 33 selected, nine items in the inventory were found tobe 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 betweenthe book value of the company and the au

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