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Content
1.When to use MUS?
2.How to enable projection and evaluation
When to use Monetary Unit Sampling (MUS) ?
Some of the circumstances (detection of over-statement) in which MUS may be especially useful include the following:
•Receivable confirmation (for example, real estate mortgage loans, commercial loans, and installment loans)
•Tests of investment security pricing compared to published (market) prices
•Inventory price tests (lower of cost or NRV) in which the auditor anticipates relatively few misstatements and the population is not expected to contain a significant number of large (relative to book amount) understatements
•Fixed-asset additions tests where existence is the primary risk
How to enable projection and evaluation?
Steps:
1.Import accounting record at menu statistical sampling> import source record.
2.Select samples at menu statistical sampling> generate sampling.
3.Select MUS sampling method,enable statistical sampling projection and evaluation. Then save the sample selection.
4.At the menu Statistical sampling> worksheet and sampling projection, there is a section to enable projection and evaluation schedule as well.
5.Projection and evaluation worksheet will be generated.
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