How would you select samples from 300 ledger accounts? If an account had 1000 entries worth one million dollars, how would you obtain reasonable assurance that they are correct?

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Accepted Answer

To select samples from 300 ledger accounts, I would use statistical sampling techniques and stratification.

I would stratify the accounts based on their size, activity, and risk level.
I would then use statistical sampling techniques such as random sampling or systematic sampling to select a representative sample from each stratum.
For the account with 1000 entries worth one million dollars, I would use monetary unit sampling to select a sample of entries based on their dollar value.
I would also perform substantive testing procedures such as analytical procedures and test of details to obtain reasonable assurance that the entries are correct.

How would you select samples from 300 ledger accounts? If an account had 1000 entries worth one million dollars, how would you obtain reasonable assurance that they are correct?

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