T8 audit sampling

Michael Cain, FCA Audit & Accounting Technical Director Nexia International – Australia and New Zealand Chartered Accountants Audit Conference ASA 530 – Audit Sampling and Other Means of Testing charteredaccountants.com.au

Sampling Experiment – Same Birthday?

Various means of gathering audit evidence ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],Sampling

Stratification ,[object Object],[object Object],[object Object]

Definition and features ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],Definition and features

Sampling risk defined ,[object Object],[object Object],[object Object],[object Object],[object Object]

Non-sampling risk defined ,[object Object],[object Object],[object Object]

Characteristic of interest ,[object Object],[object Object],[object Object]

Statistical sampling defined ,[object Object],[object Object],[object Object],[object Object],[object Object]

Non-statistical sampling ,[object Object],[object Object],[object Object]

Plan the sample ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Select the sample and perform the audit procedures ,[object Object],[object Object]

Evaluate the results ,[object Object],[object Object],[object Object],[object Object]

Planning and designing the sample ,[object Object],[object Object],[object Object],[object Object],[object Object]

Planning and designing sample for tests of controls ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Defining the audit objective and population ,[object Object],[object Object]

Defining the sampling unit ,[object Object],[object Object],[object Object]

Determining sample size ,[object Object],[object Object]

Sampling for tests of controls, attribute sampling ,[object Object],[object Object],[object Object]

Factors that influence sample size for tests of controls

[object Object],[object Object],[object Object],[object Object],[object Object],Determining the sample size – test of controls

Sample size estimation for attribute sampling

Reliability factors for assessing required confidence level

Sample size estimation for attribute samples (alternative method) ,[object Object],[object Object],[object Object]

Sampling for substantive tests ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Factors that influence sample size for substantive testing

[object Object],[object Object],[object Object],[object Object],[object Object],Determining the sample size – substantive tests

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Determining the sample size – substantive tests

[object Object],[object Object],[object Object],Determining the sample size – substantive tests

Selecting the sample ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Steps in systematic selection ,[object Object],[object Object],[object Object],[object Object],[object Object]

Performing the audit procedures ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Analyse the exceptions

Evaluation of attribute sample results ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Analyse the misstatements

Evaluating sample results ,[object Object],[object Object],[object Object]

[object Object],[object Object],Decide the acceptability

Dollar-unit sampling ,[object Object],[object Object]

Advantages of dollar-unit sampling (DUS) ,[object Object],[object Object],[object Object]

Illustration of DUS with systematic selection

Determination of sample size for substantive tests ,[object Object],[object Object]

Evaluation of sample results for substantive testing

Take Away ,[object Object],[object Object],[object Object],[object Object],[object Object]

T8 audit sampling

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