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1、2.Internal control communications,225.Government auditing596.Classquestions79Management representations55Sampling, Government Auditing and CommunicationsAUDITING5 9“lf“!“f,.“l“.“3.Communication with those charged with governance504.1.Audit sampling3Auditing 5As-2NOTESBecker Professional EducationICP
2、AExam Review2010 OeVrvj6ecker Educational Development Corp. All rights reserved.Becker Professional EducationICPAExamReviewAuditing5AUDITSAMPLING I.INTRODUCTIONA.AuditSamplingAudit samplingisthe testingofless than 100%ofthe items withinanaccount balance or classoftransactionsinorder to evaluate some
3、 characteristicofthe balance or class. Audit samplingIsespecially useful in cases whereanauditor has no special knowledge about likely misstatements containedinaccount balances and transactions.PASSKEYIlI!mII Alwaysassumethatthepopulation being sampledisnormally distributed,thatis,it canbedescribed
4、by a “normal,“or“bell-shaped,“ curve.IlI!mII FortheestimatesthattheCPAmakesaboutthepopulationtohave mathematical validity,thesamples havetobe unrestricted and randomly selected, whichmeansthat:1.Every itemina populationmusthave an absolutely equal chanceofbeing selected.2.TheCPAcannotuse “bias“indec
5、iding which itemswillbeselected.Nosubstituteitems may be used.I:I!JDEIIfthesampleislarge enoughandisrandomly selected,thesamplewilllikely havethesamestatistical characteristics (mean andstandarddeviation) astheunderlying population, Le., itwillberepresentativeofthe population.IlI!DIStandard deviatio
6、nisameasureof “variability,“ which referstotherange of values withinthepopulation.B.RepresentativeofthePopUlationWhen auditors sample from a population (universe), the assumptionisthat the sample is representativeofthe population (i.e., the characteristicsofthe sample are comparable to the character
7、isticsofthe popUlation).C.Sampling RiskInherentinaudit sampling is the conceptofsampling risk.Thisisthe risk that the sampleis not representative and that the auditors conclusion will be different from the conclusion had the auditor examined 100%ofthe popUlation.D.SamplingAuditsamplingmethods can be
8、 either statistical or nonstatistical. Both approaches require the useofprofessional judgment.1.StatisticalSamplingInstatistical sampling,auditors specify the sampling risk they are willing to accept and then calculate the sample size that provides that degreeofreliability. Resuits are evaluated qua
9、ntitatively.2010DeVry/Becker Educational Development Corp.AllrightsreervedA5-32.3.Auditing 5BeckerProfessionalEducationJCPAExam ReviewNonstatistical SamplingInnonstatistical sampling,the sample sizeisnot determined mathematically. Auditors use their judgmentindetermining sample size,andsample result
10、s are evaluated jUdgmentally.Sufficient Audit EvidenceEither a statistical or a nonstatistical approachisacceptable under generally accepted auditing standards. When properly applied, either method should resultina sample size that providessufficient audit evidence.a.The sufficiency of audit evidenc
11、eisrelated to the designandsize of the sample.b.The size of a sample dependsonboth the objectives and the designofthe sample. Careful design generally produces a more efficient sample (i.e., one that achieves its objectives with a smaller sample size).4.Professional JudgmentAlthough statistical samp
12、ling aids the auditorinquantitative ways,itisnot a substitute forprofessionaljudgment.The auditor must exercise professional judgmentinboth statisticalandnonstatistical samplingto:a.Define the populationandthe sampling unit;b.Selecttheappropriate sampling method;c.Evaluate the appropriateness of aud
13、it evidence;d.Evaluate the natureofdeviations or errors;e.Consider sampling risk;andf.Evaluate the results obtained from the sampleandproject those results to the population.PASSKEYManyquestionstry totrickthecandidateintothinkingthatstatisticalsamplingeliminatestheneedforauditingjudgment.Thisiscompl
14、etelyfalse.Whilestatisticalsamplingisaquantitativeapproach,judgmentisstillrequiredtosetmanyof theparametersandtoevaluatetheoverallresults.2.As-4E.Statistical Sampling1.Advantages of Statistical SamplingStatistical samplingenables the auditorto:a.Measure the sufficiencyofthe audit evidence obtained.b
15、.Provideanobjective basis for quantitatively evaluating sample results.c.Designanefficient sample.d.Quantify sampling risksoasto limit risktoanacceptable level.Random Sample SelectionRandom sample selectionmethods should be usedinstatistical sampling. Such methods give all itemsinthe populationanequ
16、al chance tobeincludedinthe sample to be audited.2010 DeVryjBeckerEducationalDevelopment Corp.Allrightsreserved.Becker Professional EducationICPAExamReviewAuditing5F.UseofSampling1.TypesofSamplingAuditors may use sampling procedures to estimate many different characteristics of populations, but generaily estimates are either of a rate of occurrence (attribute sampling) or of a numerical quantity (variables sampling or probability-proportional-to- size PPSj sampling).a.At
