(Solved by Humans)-Your preliminary assessment of control risk over cash disbursements is low. You base this assessment
Question
Your preliminary assessment of control risk over cash disbursements is low. You base this assessment on the requirements that each cash disbursement be supported by a purchase requisition, a properly approved purchase order, an approved vender list, an invoice, and a receiving report that requires counting of incoming goods. The company has made 7260 purchases during the year. The tolerable deviation rate is 3% and the expected deviation rate is less than .25%. The appropriate risk of assessing control risk too low is 5%. You found 2 deviations. What is the achieved upper deviation rate?
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