TAILIEUCHUNG - Lecture Auditing and assurance services (6/e) - Module F: Attributes sampling

After you have mastered the material in this chapter, you will be able to: Identify the objectives of attributes sampling, define deviation conditions, and define the population for an attributes sampling application; understand how various factors influence the size of an attributes sample; determine the sample size for an attributes sampling application;. | Auditing & Assurance Services, 6e Module F Attributes Sampling There are five kinds of lies: lies, damned lies, statistics, politicians quoting statistics, and novelists quoting politicians on statistics. Stephen K. Tagg, marketing faculty member, University of Strathclyde Module F Objectives Identify the objectives of attributes sampling, define deviation conditions, and define the population for an attributes sampling application. Understand how various factors influence the size of an attributes sample. Determine the sample size for an attributes sampling application. Identify various methods of selecting an attributes sample. Evaluate the results of an attributes sampling application by determining the upper limit rate of deviation. Define sequential sampling and discovery sampling and identify when these types of sampling applications could be used. Understand how to apply nonstatistical sampling to attributes sampling. Attributes Sampling Attributes sampling is used to estimate the extent to which a characteristic (attribute) exists within a population Used during auditors’ tests of controls Estimate the rate at which internal control policies or procedures are not functioning as intended (deviation conditions) Compare estimated rate to an allowable rate (tolerable rate of deviation) Planning Determine the objective of sampling Auditors identify key controls upon which they intended to rely Define deviation condition Situation in which control is not functioning as intended Define the population Should include all potential applications of the control during the period examined Factors Affecting Sample Size Sampling risk (Risk of overreliance) Establish based on desired level of control risk Lower control risk = lower risk of overreliance Tolerable rate of deviation Establish based on desired level of control risk Lower control risk = lower tolerable rate of deviation Expected population deviation rate Estimate based on past audits or pilot sample

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• Assurance services
• Financial statement audit
• Auditing and assurance services
• Auditing environment
• Attributes sampling
• Sampling risk
• Assurance services profession
• Auditing services
• Audit process
• Assurance framework
• Accounting information
• Professional standards
• Auditing standards
• Financial statement auditing
• Auditing business processes
• Auditing internal control
• Internal auditing services
• Contemporary auditing environment
• Attestation engagements
• Account balances
• Structure of the profession
• Audit firms
• Corporate governance
• Professional ethics
• Legal liability
• Liability to clients
• Financial repport audit process
• Financial report assertions
• The business
• Strategic business risk
• Inherent risk assessment
• Inherent risk
• Internal control structure
• Assessing control risk
• Tests of controls
• Sales cycle
• Substantive tests
• Substantive tests of transactions
• Audit sampling
• Sampling theory
• Adjusting events
• Financial report
• Auditor’s reporting obligations
• Professional reporting obligations
• Prospective financial information
• Highlight information
• Institute of internal auditors
• Government accounting
• Reporting duties