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The auditor ia auditing accounts receivable for a long-time client that has good internal controls. The auditor has assessed control risk as low and assigns a control risk assessment of 20 % and a desired audit risk of 5 %. Other factors considered by the auditor:1. The auditor will not be performing any other substantive audit procedures.2. Inherent risk, by firm policy, is assessed at 1.00.3. Client book value is $9,325,000.4. Tolerable misstatement is assessed at $215,000.5. Previous audits have shown an expected error of $45,000 over-statement is reasonable.REQUIRED:a- Calculate the detection riskb- Calculate (and show the calculation) of the sample selection interval.c- Assume the auditor rounds the sampling interval down to the next nearest $5,000. Calculate the approximate largest sample size the auditor would expect.d- The auditor found the following differences when performing the audit work:AUDIT DIFF-17,500 was billed towrong Co. for errorin transcription.- Merchandise wasreturned before year end, but creditwas not recorded until next period.Incurred 60000-Dispute on product qualitydisputed for 6 months butcustomer satisfied.-Credit was supposed to beissued, but was not.REQUIRED:a- Calculate the most likely error and the upper error limit for accounts receivable
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