Monetary Unit Sampling (MUS) Writing Assignment

Monetary Unit Sampling (MUS)
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Monetary Unit Sampling (MUS)
There are several audit sampling methods that auditors use. However, the monetary unit sampling happens to be the most preferred in auditing to determine the accuracy of financial accounts. With the sampling method, every unit (dollar) in a given transaction is considered to be a separate sampling unit. For example, a transaction of $50 contains fifty sampling units (Eilifsen et al., 2013). There are several reasons as to why auditors usually use MUS, however, just like any other sampling method there are limitations associated with using it.
Advantages of MUS
The first advantage associated with the use of MUS is that there is a low risk of failure of error detection. It is the case because MUS selects all dollar values tha...