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Audit Sampling
Introduction
Overview of Audit Sampling
Definition
Population
Nonsampling and Sampling Risk
Assessing control risk to high
Assessing control risk to low
Substantive Sampling
Considerations
Basic Steps:
Specify audit objective
Define a misstatement
Define the population
Choose sampling method
Determine sample size
Select the sample
Audit the selected items
Evaluate the sample results
Perform follow-up work as necessary
Document
Define Misstatements
Misstatements should be defined before beginning
to:
preclude rationalizing away misstatements
provide guidance to the audit team
Misstatement: a difference that affects the
correctness of the overall account balance.
Identify Individually
Significant Items
Top stratum--few large-dollar items
Lower stratum--the remaining items
Stratification of the population
Nonstatistical Sampling
Determine sample size
Selecting the Sample
Haphazard selection
Evaluating the sample results
Using audit software
Probability Proportional to
Size Sampling
PPS sampling is an adaptation of attribute
sampling methods to dollar value testing.
Population definition
Test of details risk (incorrect acceptance)
Other substantive procedures risk (OSPR)
Sample size and selection
Zero and Negative Balances
PPS
Sample Evaluation
Error Evaluation Terminology
Upper misstatement limit (UML)
Basic precision
Most likely misstatement (MLM)
Incremental allowance for sampling error
Allowance for sampling error