Audit Sampling Prepared by Murodullo Turdiyev. Group Hba-81i Learning Objectives

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Audit Sampling. Murodullo Turdiyev

Selecting the sample

  • To draw conclusions about population or strata, the sample needs to be typical of characteristics of population or strata.
  • Sample needs to be selected without bias so that all sampling units in the population or strata have a chance of selection.
  • Common sampling techniques are:

Steps in systematic selection

For example, suppose the sample size is 20 and

the number of items in the population is 10 000:

  • Step 1: Calculate the sample interval:
  • Step 2: Give every item in population chance of selection by choosing a random number (random start) within range of 1 and sampling interval (in this example, 500), e.g. 217.
  • Step 3: Continue to add sampling interval to random start, and identify items to be sampled, e.g. item nos. 217, 717, 1217. . . 9217, 9717.

Sampling for tests of controls, attribute sampling

  • Audit sampling is useful for tests of controls, especially involving inspection of source documentation for specific attributes such as evidence of authorisation (attribute sampling).
  • Involves examination of documents for particular attributes related to controls (e.g. authorisation).
  • Results of attribute sampling can be used to support or refute an initial assessment of control risk.

Planning and designing sample for tests of controls

  • Auditor should consider:
    • Audit objectives (assertions of audit interest)
    • Tolerable error — maximum error rate that would still support control risk assessment
    • Allowable risk of over-reliance — allowable risk of assessing control risk too low
    • Expected error — amount of error the auditor expects to find in the population

Reliability factors for assessing required confidence level

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