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Lecture Auditing and assurance services (Second international edition) - Chapter 8: Audit sampling: An overview and application to tests of controls

In this chapter, the learning objectives are: 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,. | Audit Sampling: An Overview and Application to Tests of Controls Chapter Eight Introduction Auditing standards recognize and permit both statistical and non-statistical 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 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 examine evidence from third parties. Definitions and Key Concepts On the following slides we will define: Audit Sampling Sampling Risk Confidence Level Tolerable and Expected Error Audit Sampling The application of audit procedures to less than 100 per cent of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population. Sampling Risk Sampling risk is the element of uncertainty that enters into the auditor’s conclusions anytime sampling is used. There are two types of sampling risk. Risk of incorrect rejection (Type I) – in a test of internal controls, it is the risk that the sample supports a conclusion that the control is not operating effectively when, in fact, it is operating effectively. In substantive testing, it is the risk that the sample indicates that the recorded balance is materially misstated when, in fact, it is not. Risk of incorrect acceptance (Type II) – in a test of internal controls, it is the risk that the sample supports a conclusion that the control is operating effectively when, in fact, it is not operating effectively. In substantive . | Audit Sampling: An Overview and Application to Tests of Controls Chapter Eight Introduction Auditing standards recognize and permit both statistical and non-statistical 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 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 examine evidence from third parties. Definitions and Key Concepts On the following slides we will define: Audit Sampling Sampling Risk Confidence Level Tolerable and Expected Error Audit Sampling The application of audit procedures .