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Lecture example 1 You are auditing trade receivables and have obtained the following results based on your sample: Total value of population $1,000,000 Number of items in the population 400 Number of items tested 20 Sample value $200,000 Error in sample $9,000 Required (a)Assuming the errors are not anomalous ones, calculate the expected error in the population. (b)Assuming that tolerable error/misstatement was set at $40,000, explain what action should be taken. This is a licenced copy of BPP Material, intended solely for the use of the agreed licence holder. BPP LEARNING MEDIA Answer to lecture example 2 This is a licenced copy of BPP Material, intended solely for the use of the agreed licence holder. BPP LEARNING MEDIA Answer to lecture example 2 (cont’d) This is a licenced copy of BPP Material, intended solely for the use of the agreed licence holder. BPP LEARNING MEDIA CAAT CAAT is Computer-Assisted Audit Techniques. It involves using a computer to perform audit work. Computers can be used to perform either substantive tests or tests of controls. This is a licenced copy of BPP Material, intended solely for the use of the agreed licence holder. BPP LEARNING MEDIA Audit Software 1 (used for substantive testing) Audit software consists of computer programs used by the auditor, as part of his auditing procedures, to process data of audit significance from the entity’s accounting system. Audit software can be used to : This is a licenced copy of BPP Material, intended solely for the use of the agreed licence holder. BPP LEARNING MEDIA Audit Software 4 1) This is a licenced copy of BPP Material, intended solely for the use of the agreed licence holder. BPP LEARNING MEDIA Au