tailieunhanh - Lecture Auditing and assurance services (8e) - Chapter 9: Audit sampling: An application to substantive tests of account balances

The main goals of this chapter are to: Understand the similarities and differences between audit sampling for tests of controls and substantive tests of details of account balances, learn to apply monetary-unit sampling, work through an extended example of monetary unit sampling, | Chapter 9 Audit Sampling: An Application to Substantive Tests of Account Balances McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Substantive Tests of Details of Account Balances The statistical concepts we discussed in the last chapter apply to this chapter as well. Three important determinants of sample size are Desired confidence level. Tolerable misstatement. Estimated misstatement. Population plays a bigger role in some of the sampling techniques used for substantive testing. Misstatements discovered in the audit sample must be projected to the population, and there must be an allowance for sampling risk. LO# 1 9- Monetary-Unit Sampling (MUS) MUS uses attribute-sampling theory to express a conclusion in dollar amounts rather than as a rate of occurrence. It is commonly used by auditors to test accounts such as accounts receivable, loans receivable, investment securities, and inventory. LO# 2 MUS uses attribute-sampling theory (used primarily to test controls) to estimate the percentage of monetary units in a population that might be misstated and then multiplies this percentage by an estimate of how much the dollars are misstated. 9- Monetary-Unit Sampling (MUS) Advantages When the auditor expects no misstatement, MUS usually results in a smaller sample size than classical variables sampling. When applied using the probability-proportional-to-size procedure, MUS automatically results in a stratified sample. MUS does not require the user to make assumptions about the distribution of misstatements. LO# 2 Disadvantages The selection of zero or negative balances generally requires special design consideration. The general approach to MUS assumes that the audited amount of the sample item is not in error by more than 100%. When more than one or two misstatements are detected, the sample results calculations may overstate the allowance for sampling risk. 9- Steps in MUS LO# 2 9- Steps in MUS If the upper . | Chapter 9 Audit Sampling: An Application to Substantive Tests of Account Balances McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Substantive Tests of Details of Account Balances The statistical concepts we discussed in the last chapter apply to this chapter as well. Three important determinants of sample size are Desired confidence level. Tolerable misstatement. Estimated misstatement. Population plays a bigger role in some of the sampling techniques used for substantive testing. Misstatements discovered in the audit sample must be projected to the population, and there must be an allowance for sampling risk. LO# 1 9- Monetary-Unit Sampling (MUS) MUS uses attribute-sampling theory to express a conclusion in dollar amounts rather than as a rate of occurrence. It is commonly used by auditors to test accounts such as accounts receivable, loans receivable, investment securities, and inventory. LO# 2 MUS uses attribute-sampling theory (used .

• Kế toán - Kiểm toán
• Auditing services
• Assurance services
• Financial statement auditing
• Auditing business processes
• Auditing internal control
• Audit sampling
• Internal auditing services
• Internal auditing
• Auditing the purchasing process
• Auditing the financing
• Auditing demands logic
• Financial statement auditing environment
• Auditing environment
• Audit planning
• Internal control
• Related services