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A large electronics firm writes 1 million checks a year An internal control policy for the company is that the authorization to sign each check is granted only after an invoice has been initialed by

A large electronics firm writes 1 million checks a year. An internal control policy for the company is that the authorization to sign each check is granted only after an invoice has been initialed by an accounts payable supervisor. The company’s tolerable exception rate for this control is 4%. If control deviations are found in 8 of the 400 invoices sampled, what should the auditor do? To solve this, use a 95% level of confidence.

Jun 20 2020 View more View Less

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