Kế toán, kiểm toán - Module e overview of sampling learning objectives

McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.Module E Overview of SamplingLearning ObjectivesUnderstand the basic principles of sampling, including the differences between statistical and nonstatistical sampling and sampling and nonsampling risk.Understand the basic steps and procedures used in implementing a sampling plan.Identify the two situations in which sampling is used in an audit.Understand how the basic steps and procedures used in a sampling plan apply to an audit.Mod E-2When is Sampling Used?Exact information not neededLarge populationTrades effectiveness for efficiencyUses of Sampling in AuditingStudy and evaluation of internal controlSubstantive procedures Mod E-3Sampling RiskRisk that the decision made based on the sample differs from the decision that would have been made by examining the populationNon Sampling RiskIncorrect conclusion unrelated to the nature of the sampleMod E-4Sampling ApproachesStatistical sampling Nonstatistical samplingMod E-5Steps in Sampling: PlanningDetermine the objective of samplingDefine the characteristic of interestDefine the population Mod E-6Steps in Sampling: PerformingDetermine sample size Select sample items (ensure entire population is included)Unrestricted random selection:Systematic random selection:Block selection:Haphazard selection:Measure sample itemsMod E-7Steps in Sampling: EvaluatingEvaluate sample resultsMod E-8Precision and ReliabilityPrecision (Allowance for sampling risk)Reliability (Confidence) Precision IntervalMod E-9DocumentationInvolves all seven steps of sampling processMod E-10Attributes SamplingUsed to estimate the extent to which a characteristic exists within a populationUsed in the auditor’s study of internal controlGoal: Estimate the rate at which the client’s internal control is failing to function effectively and compare to an allowable level (tolerable rate of deviation)Mod E-11Variables SamplingUsed to estimate the amount (or value) of some characteristic of a populationUsed in the auditor’s substantive proceduresGoal: Estimate the amount of misstatement in an account balance or class of transactions and compare to an allowable level (tolerable misstatement)Types of variables samplingMonetary Unit SamplingClassical variables samplingMod E-12Summary of Sampling RisksEffectiveness LossesEfficiency LossesMod E-13Overview of Audit SamplingPlanningDetermine the objective of the audit sampling applicationDefine the characteristic of interestDefine the populationPerformingDetermine the sample sizeSelect the sample itemsMeasure (audit) the sample itemsEvaluate the sample resultsDocumentMod E-14