TAILIEUCHUNG - Lecture Auditing & assurance services (8e) - Chapter 8: Audit sampling: An overview and application to tests of controls

After reading the material in this chapter, you should be able to: Learn the definition of audit sampling and why auditors use sampling to gather evidence, understand basic sampling terminology, learn the types of audit procedures that do and do not involve sampling, learn the types of audit sampling, learn the sampling requirements in auditing standards,. | Chapter 8 Audit Sampling: An Overview and Application to Tests of Controls McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Introduction Auditing standards recognize and permit both statistical and nonstatistical methods of audit sampling. Two technological advances have reduced the number of times auditors need to apply sampling techniques to gather audit evidence: 1 Development of well-controlled, automated accounting systems. 2 Advent of powerful PC audit software to download and examine client data. LO# 1 8- Introduction However, technology will never eliminate the need for auditors to rely on sampling to some degree because: Many control processes require human involvement. Many testing procedures require the auditor to physically examine an asset. In many cases auditors are required to obtain and evaluate evidence from third parties. LO# 1 8- Definitions and Key Concepts Audit Sampling. Sampling Risk: Type I and Type II errors. Factors in determining sample size (items 3 and 4 below). Confidence Level. Tolerable and Expected Error. LO# 2 8- Audit Evidence – To Sample or Not? LO# 3 8- Testing All Items with a Particular Characteristic When an account or class of transactions is made up of a few large items, the auditor may examine all the items in the account or class of transaction. When a small number of large transactions make up a relatively large percent of an account or class of transactions, auditors will typically test all the transactions greater than a particular dollar amount. LO# 3 8- Testing Only One or a Few Items Highly automated information systems process transactions consistently unless the system or programs are changed. The auditor may test the general controls over the system and any program changes, but test only a few transactions processed by the IT system. LO# 3 8- Types of Audit Sampling Auditing standards recognize and permit both .

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