Audit sampling an overview and application to tests of controls
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AUDIT SAMPLING: AN OVERVIEW AND APPLICATION TO TESTS OF CONTROLS. DR. ZULKARNAIN BIN MUHAMAD SORI B. Acc (Hons.)(UPM), MSc. (UPM), PhD (Cardiff, UK), CA(M), MCMI(UK) ROOM: 08F1 TEL: 03-89467742, 89486188 (Fax) E-MAIL: [email protected] LEARNING OBJECTIVES.

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Audit sampling an overview and application to tests of controls

AUDIT SAMPLING: AN OVERVIEW AND APPLICATION TO TESTS OF CONTROLS

DR. ZULKARNAIN BIN MUHAMAD SORI

B. Acc (Hons.)(UPM), MSc. (UPM), PhD (Cardiff, UK), CA(M), MCMI(UK)

ROOM: 08F1

TEL: 03-89467742, 89486188 (Fax)

E-MAIL: [email protected]


Learning objectives
LEARNING OBJECTIVES CONTROLS

  • Learn the definition of audit sampling

  • Learn the difference between sampling and other selective testing procedures

  • Understand basic sampling terminology

  • Learn the types of audit sampling

  • Learn the sampling requirements of ISA 530

  • Learn how to apply attribute sampling to tests of controls

  • Work through an example of attribute sampling

  • Learn how to apply non-statistical sampling to tests of control


What you should know
What you should know? CONTROLS

  • Sampling risk

  • Non-sampling risk

  • Selecting items for testing

    • Selecting all items

    • Selecting specific items

  • Audit sampling


What you should know1
What you should know? CONTROLS

  • Terminology

    • Sampling risk

    • Type I and Type II risks

    • Error and tolerable error

    • Sampling units

    • Allowance for sampling risk


What you should know2
What you should know? CONTROLS

  • Types of audit sampling

    • Non-statistical versus statistical sampling

    • Types of statistical sampling techniques

      • Attribute sampling

      • Monetary-unit sampling

      • Classical variables sampling


What you should know3
What you should know? CONTROLS

  • Steps in applying audit sampling

    • Designing the sample

    • Determining sample size

    • Selecting the sample

    • Performing the audit procedures

    • Evaluation of the sample results


Steps in an attribute sampling application
Steps in an Attribute-Sampling Application CONTROLS

  • Designing

    • Determine the objective(s) of the tests of controls

    • Define the error or control deviation

    • Define the population

    • Define the sampling unit

    • Determine the sample size

  • Performance

    • Randomly select the sample items

    • Perform the audit procedures

  • Evaluation

    • Calculate the sample results

    • Perform error analysis

    • Draw final conclusions


What you should know4
What you should know? CONTROLS

  • Non-statistical Sampling for Tests for Controls

    • Determining the sample size

    • Randomly selecting the sample items

    • Calculating the sample results


THANK YOU CONTROLS


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