Question: Steps in executing a substantive sampling plan Jennifer Jones has been assigned to audit inventory for Consumer Home Electronics Warehouse. Consumer Home Electronics Warehouse is a retailer of a variety of home electronics and appliances (ranging from refrigerator and stoves, washers and dryers, televisions, computers, and cell phones). Consumer Home Electronics Warehouse has 25 locations located in larger cities in the mid-western United States.
Required: Jennifer plans to audit the existence of inventory. Put the following steps associated with planning and executing a sample of inventory in the proper order.
1) Choose the number of items to be examined.
2) Document conclusions.
3) Select a representative sample.
4) Determine the objectives of the substantive test.
5) Determine the type of sampling to be used.
6) Determine the substantive procedures that will meet objectives.
7) Determine sample size.
8) Apply audit procedures.
9) Define the population and sampling unit.
10) Evaluate results of the sample.
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