Updated as of December 1, 2019, this guide continues to be an indispensable resource packed with information on sampling requirements and methods. It introduces statistical and nonstatistical sampling approaches, and features case studies illustrating the use of different sampling methods, including classical variables sampling and monetary unit sampling, in real-world situations.
Audit Guide: Sampling 2019
Spis treści
Introduction .1-.22
The Development of Audit Sampling .1-.11
The Significance of Audit Sampling .12
The Purpose of This Guide .13-.20
Audit Sampling Guidance for Compliance Audits .21-.22
1 Characteristics of Audit Sampling .01-.29
Audit Sampling Defined .04-.05
Procedures That May Not Involve Audit Sampling .06-.20
Inquiry and Observation .07
Analytical Procedures .08-.09
Procedures Applied to Every Item in a Population .10-.12
Some Tests of Controls May Not Involve Audit Sampling .13-.14
Tests of Controls When Extrapolation is Not Intended .15
Procedures That Do Not Evaluate Characteristics .16-.17
Untested Balances .18
Tests of Automated IT Controls .19-.20
Sampling and Nonsampling Audit Procedures Distinguished .21-.25
Terminology Used in This Guide .26-.29
Reliability or Confidence Level .27
Sampling Risk .28
Precision .29
2 The Audit Sampling Process .01-.55
Purpose and Nature of Audit Sampling .02
How Audit Sampling Differs From Sampling in Other Professions .03-.06
Evaluation of Audit Samples .07
Types of Audit Tests .08-.14
Tests of Controls .09-.10
Substantive Procedures .11
Dual-Purpose Tests .12-.14
Risk .15-.21
Sampling Risk .19
Nonsampling Risk .20-.21
Nonstatistical and Statistical Sampling .22-.29
Planning the Audit Sampling Procedures .30-.34
Types of Statistical Sampling Plans .35-.43
Attributes Sampling .35-.37
Variables Sampling .38-.41
Relating Balance Sheet and Income Statement Sampling .42-.43
General Implementation Considerations .44-.55
Continuing Professional Education .45-.48
Sampling Guidelines .49
Use of Specialists .50-.51
Supervision and Review .52-.55
3 Nonstatistical and Statistical Audit Sampling in Tests of Controls .01-.98
Determining the Test Objectives .02-.05
Defining the Deviation Conditions .06
Defining the Population .07-.10
Defining the Period Covered by the Test .11-.21
Initial Testing .14
Estimating Population Characteristics .15-.17
Considering the Completeness of the Population .18-.21
Defining the Sampling Unit .22-.24
The Role of Walk-throughs .25-.28
Determining the Method of Selecting the Sample .29-.36
Simple Random Sampling .30
Systematic Sampling .31-.32
Haphazard Sampling .33-.34
Block Sampling .35-.36
Determining the Sample Size .37-.65
Considering Sampling Risk in Assessing Controls Effectiveness .38-.45
Considering Other Evidence in Determining Risk of Concluding Controls Are More Effective Than They Actually Are (Overreliance) and Tolerable Rate of Deviation .46
Considering the Risk of Concluding Controls Are More Effective Than They Actually Are (Overreliance) for Multiple Controls Addressing the Same Control Objective .47
Determining the Tolerable Rate of Deviation .48-.54
Considering the Expected Population Deviation Rate .55-.58
Considering the Effect of Population Size .59-.61
Small Populations and Infrequently Operating Controls .62-.63
Considering a Sequential or a Fixed Sample Size Approach .64
Developing Sample Size Guidelines .65
Performing the Sampling Plan .66-.72
Voided Documents .67
Unused or Inapplicable Documents .68
Mistakes in Estimating Population Sequences .69-.70
Stopping the Test Before Completion .71
Inability to Examine Selected Items .72
Evaluating the Sample Results .73-.95
Calculating the Deviation Rate .74
Considering Sampling Risk .75-.79
Considering the Qualitative Aspects of the Deviations .80-.81
Extending the Sample When Control Deviations Are Found .82-.84
Assessing the Potential Magnitude of a Control Deficiency .85-.94
Reaching an Overall Conclusion .95
Documenting the Sampling Procedure .96-.98
4 Nonstatistical and Statistical Audit Sampling for Substantive Tests of Details .01-.108
Determining the Test Objectives .04-.05
Defining the Population .06-.12
Considering the Completeness of the Population .08-.10