17 AUDIT SAMPLING FOR TEST OF DETAILS OF BALANCES BB OTH STATISTICAL AND NONSTATISTICAL SAMPLING ARE ACCEPTABLE UNDER GAAS, BUT WHICHEVER IS USED, IT MUST.

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17 AUDIT SAMPLING FOR TEST OF DETAILS OF BALANCES BB OTH STATISTICAL AND NONSTATISTICAL SAMPLING ARE ACCEPTABLE UNDER GAAS, BUT WHICHEVER IS USED, IT MUST BE DONE RIGHT BE DONE RIGHT

Comparisons of Audit Sampling for Tests of Details of Balances and for Tests of Controls and Substantive Tests of Transactions Comparisons of Audit Sampling for Tests of Details of Balances and for Tests of Controls and Substantive Tests of Transactions

3. Define misstatement/error conditions. 6. Specify tolerable misstatement/error. 7. Specify acceptable risk of incorrect acceptance OF A BALANCE. 8. Estimate misstatements/errors in the population. Steps Plan the Sample 3. Define attributes and exception conditions. 6. Specify the tolerable exception rate. 7. Specify acceptable risk of assessing control risk too low. 8. Estimate the population exception rate. Plan the Sample Audit Sampling for Tests of Details of Balances Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Action When a Population Is Rejected Take No Action Until Tests of Other Audit Areas Are Completed Perform Expanded Audit Tests in Specific Areas Increase the Sample Size Adjust the Account Balance Request the Client to Correct the Population Refuse to Give an Unqualified Opinion

MONETARY UNIT SAMPLING The Definition of the Sampling Unit Is an Individual Dollar. The Definition of the Sampling Unit Is an Individual Dollar. Can we audit an “individual dollar?” The Population Size Is the Recorded Dollar Population The Population Size Is the Recorded Dollar Population Sample Size Is Determined Using a Statistical Formula Sample Size Is Determined Using a Statistical Formula A Formal Decision Rule Is Used for Deciding the Acceptability A Formal Decision Rule Is Used for Deciding the Acceptability of the Population Sample Selection Is Done Using Probability Proportional to Size Sample Selection Is Done Using Probability Proportional to Size Sample Selection (PPS) What about ZBA’s, small accounts and negative balances? (no chance What about ZBA’s, small accounts and negative balances? (no chance of selection)

Differences between Variables and Nonstatistical Sampling Sampling Distributions 1. The mean value of all the sample means is equal to the population mean (X). A corollary is that the sample mean value (x) with the highest frequency of occurrence is also equal to the population mean. 2. The shape of the frequency distribution of the sample means is that of a normal distribution (curve), as long as the sample size is sufficiently large, regardless of the distribution of the population. 3. The percentage of sample means between any two values of the sampling distribution is measurable

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