Rong & Wright, CA, of Hong Kong has decided to rely on an audit client's affecting receivables. Rong & Wright plans to use sampling to obtain substantive evidence concerning the reasonableness of the client's accounts receivable balances. Rong & Wright has identified the first few steps in an outline of the sampling plan as follows.
1 Determine the audit objectives of the test.
2 Define the population.
3 Define the sampling unit.
4 Consider the completeness of the population.
5 Identify individually significant items.
Required:
Identify the remaining steps which Rong & Wright should include in the outline of the sampling plan. [Adapted and reprinted with permission from AICPA. Copyright © 2000 & 1985 by American Institute of Certified Public Accountants]