The objective of monetary-unit sampling is to test the assertion that no material misstatements exist in an account balance or class of transactions.

Question

Quizplus · Accepted Answer

This is the correct objective of monetary-unit sampling. Monetary-unit sampling is a statistical sampling method used in auditing to test the accuracy of an account balance or class of transactions. By randomly selecting and testing individual monetary units, auditors can extrapolate their findings to the overall population and determine whether any material misstatements exist.

The Objective of Monetary-Unit Sampling Is to Test the Assertion