Sampling Risk and Evaluation
Please carefully study Chapter 8 and review Chapter 5 first and then read the given scenario and required questions. Your response to each question should provide reasoning and sufficient details to elaborate and support your answer. Please use proper labels or headings to separate your response to each given question. The final document should be no more than 4 pages (12pts,1.5 spaced).
Note: To be successful in the case write-up assignment, it is important to demonstrate your understanding of the main concepts and their applications, related auditing standards, and issues in practice discussed in a given particular module. You are expected to show this quality with relevant and coherent reasoning throughout your document in addressing given questions in the assignment. Please refer to the rubric and criteria to know how your assignment score is determined.
Required:
1. Determine the upper limit of deviation for each of the controls (Control 1 through Control 7) show the solutions.
2. Indicate the potential misstatements that could result from the control deviations (through Control 2 through Control 7)
3. Determine what substantive audit procedures should be performed in response to each of the identified control deviation identified in the question 2.
4. What impact do these results have on the type of opinion to be given on the effectiveness of the clients internal controls? What opinion would you issue on the clients internal controls over revenue recognition?
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