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    Audit sampling involves selecting part of a population to determine characteristics of the whole population. There are two main types of sampling - statistical sampling which uses mathematical techniques to draw conclusions about a population, and nonstatistical sampling which relies on the auditor's experience. The sampling approach depends on the purpose of the sample, and common techniques include random sampling, monetary unit sampling, stratified sampling, judgement sampling, and discovery sampling. Audit workpapers should document the sampling objective and process used.

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    Audit sampling involves selecting part of a population to determine characteristics of the whole population. There are two main types of sampling - statistical sampling which uses mathematical techniques to draw conclusions about a population, and nonstatistical sampling which relies on the auditor's experience. The sampling approach depends on the purpose of the sample, and common techniques include random sampling, monetary unit sampling, stratified sampling, judgement sampling, and discovery sampling. Audit workpapers should document the sampling objective and process used.

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    12 views7 pages

    Chen

    Uploaded by

    Judith
    Audit sampling involves selecting part of a population to determine characteristics of the whole population. There are two main types of sampling - statistical sampling which uses mathematical techniques to draw conclusions about a population, and nonstatistical sampling which relies on the auditor's experience. The sampling approach depends on the purpose of the sample, and common techniques include random sampling, monetary unit sampling, stratified sampling, judgement sampling, and discovery sampling. Audit workpapers should document the sampling objective and process used.

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    of 7

    AUDIT SAMPLING

    SAMPLING
    IT IS THE PROCESS OF SELECING “PART” OF A POPULATION TO
    DETERMINE PARAMETERS AND CHARACTERISTICS OF THE WHOLE
    POPULATION

    • POPULATION
    • SAMPLING RISK
    STATISCAL SAMPLING
    INVOLVES THE USE OF TECHNIQUES FROM WHICH MATHEMATICALLY
    CONSTRUCTED CONCLUSIONS REGARDING THE POPULATION CAN BE
    DRAWN

    TWO TYPES OF SAMPLING RISK


    • INCORRECT ACCEPTANCE
    • INCORRECT REJECTION
    NONSTATISTICAL SAMPLING

    AN APPROACH USED BY THE AUDITOR WHO WANTS TO USE HIS OR


    HER OWN EXPERIENCE AND KNOWLEDGE TO DETERMINE THE
    SAMPLE SIZE.
    SAMPLING APPROACH

    THE SAMPLING APPROACH WILL DEPEND ON THE


    PURPOSE OF THE SAMPLE.
    SAMPLING TECHNIQUES

    • RANDOM SAMPLING
    • MONETARY UNIT SAMPLING
    • STRATIFIED SAMPLING
    • JUDGEMENTAL SAMPLING
    • DISCOVERY SAMPLING
    TOLERABLE AND EXPECTED ERRORS
    MAXIMUM NUMBERS OF ERRORS THAT THE AUDITOR IS
    WILLINNG TO ACCEPT AND STILL REACH A CONCLUSION
    THAT THE UNDERLYING ASSERTION IS CORRECT
    WORKING PAPERS- SAMPLING

    THE AUDIT WORKPAPERS SHOULD INCLUDE SUFFICIENT


    DETAIL TO DESCRIBE CLEARLY THE SAMPLING OBJECTIVE
    AND THE SAMPLING PROCESS USED.

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