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Receiving Report Number | Amount on Vendorâs Invoice | Amount Presently Included in or Excluded from AccountsPayable | RECEIPT and VENDORâS INVOICE DATA | ||
Received Date | Invoice and Shipping Date | FOB Origin or Destination | |||
101 | $2,619.26 | Included | 12-30-04 | 12-30-04 | Origin |
102 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
103 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
104 | 6,403.00 | Included | 12-16-04 | 12-27-04 | Destination |
105 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
106 | 5,916.20 | Included | 01-03-05 | 12-31-04 | Destination |
107 | 7,515.50 | Included | 01-05-05 | 12-26-04 | Origin |
108 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
109 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
110 | 6,403.00 | Excluded | 12-16-04 | 12-27-04 | Destination |
111 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
112 | 5,916.20 | Excluded | 01-03-05 | 12-31-04 | Destination |
113 | 7,515.50 | Included | 01-05-05 | 12-26-04 | Origin |
114 | 6,403.00 | Included | 12-16-04 | 12-27-04 | Destination |
115 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
116 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
117 | 6,403.00 | Included | 12-16-04 | 12-27-04 | Destination |
118 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
119 | 5,916.20 | Excluded | 01-03-05 | 12-31-04 | Destination |
121 | 7,515.50 | Included | 01-05-05 | 12-26-04 | Origin |
122 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
124 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
125 | 6,403.00 | Excluded | 12-16-04 | 12-27-04 | Destination |
126 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
127 | 5,916.20 | Excluded | 01-03-05 | 12-31-04 | Destination |
128 | 7,515.50 | Excluded | 01-05-05 | 12-26-04 | Origin |
129 | 6,403.00 | Excluded | 12-16-04 | 12-27-04 | Destination |
130 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
Using the following Purchase Order Receipts (Table 1 above), howmight you approach using audit sampling to determine if theaccounting data in the table has a material amount of errors ormisstatements as of December 31, 2004?
Receiving Report Number | Amount on Vendorâs Invoice | Amount Presently Included in or Excluded from AccountsPayable | RECEIPT and VENDORâS INVOICE DATA | ||
Received Date | Invoice and Shipping Date | FOB Origin or Destination | |||
101 | $2,619.26 | Included | 12-30-04 | 12-30-04 | Origin |
102 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
103 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
104 | 6,403.00 | Included | 12-16-04 | 12-27-04 | Destination |
105 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
106 | 5,916.20 | Included | 01-03-05 | 12-31-04 | Destination |
107 | 7,515.50 | Included | 01-05-05 | 12-26-04 | Origin |
108 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
109 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
110 | 6,403.00 | Excluded | 12-16-04 | 12-27-04 | Destination |
111 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
112 | 5,916.20 | Excluded | 01-03-05 | 12-31-04 | Destination |
113 | 7,515.50 | Included | 01-05-05 | 12-26-04 | Origin |
114 | 6,403.00 | Included | 12-16-04 | 12-27-04 | Destination |
115 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
116 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
117 | 6,403.00 | Included | 12-16-04 | 12-27-04 | Destination |
118 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
119 | 5,916.20 | Excluded | 01-03-05 | 12-31-04 | Destination |
121 | 7,515.50 | Included | 01-05-05 | 12-26-04 | Origin |
122 | 3,709.16 | Included | 12-26-04 | 12-15-04 | Destination |
124 | 5,182.31 | Included | 12-31-04 | 12-26-04 | Origin |
125 | 6,403.00 | Excluded | 12-16-04 | 12-27-04 | Destination |
126 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
127 | 5,916.20 | Excluded | 01-03-05 | 12-31-04 | Destination |
128 | 7,515.50 | Excluded | 01-05-05 | 12-26-04 | Origin |
129 | 6,403.00 | Excluded | 12-16-04 | 12-27-04 | Destination |
130 | 8,484.91 | Included | 12-28-04 | 12-31-04 | Origin |
Given the data on above Table, in your opinion, is a moredetailed look at all of the transactions necessary? Why? Pleaseassume that the acceptable amount of misstatement is 5% of thetotal amount of the vendor invoices shown.