From the sampling information provided below, determine the projected error for each scenario independently and conclude on theimpact to materiality if performance materiality is set at $6,500. (Round answers to O decimal places, eg. 5,275. Enter negative amountsusing either a negative sign preceding the number eg.-45 or parentheses e.g. (45).)Scenario123Error$(3,244)$4,500$2,721Sample$43.100$11,000$20,568Population$64,960$19,000$52,456$$$Projected ErrorImpact

The auditor utilizes the predicted error to examine if the mistakes found in the sample are…

impact to materiality if performance materiality is set at $6, using either a negative sign preceding the number eg.-45 or par Scenario 1 2 3 Error $(3.244) $4,500 $2.721 Sample $43,100 $11,000 $20,568 Popula $64,5 $19.0 $52.4

impact to materiality if performance materiality is set at $6, using either a negative sign preceding the number eg.-45 or par Scenario 1 2 3 Error $(3.244) $4,500 $2.721 Sample $43,100 $11,000 $20,568 Popula $64,5 $19.0 $52.4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

From the sampling information provided below, determine the projected error for each scenario independently and conclude on the
impact to materiality if performance materiality is set at $6,500. (Round answers to O decimal places, eg. 5,275. Enter negative amounts
using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).)
Scenario
1
2
3
Error
$(3,244)
$4,500
$2,721
Sample
$43.100
$11,000
$20,568
Population
$64,960
$19,000
$52,456
$
$
$
Projected Error
Impact

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