Audit Sampling

Audit Sampling

The risk of incorrect rejection is the risk that the sample supports the conclusion that the recorded account balance is materially maisstated when it is not materially misstated(AU 350.12).

Sampling Flow

Define objective of test
Define deviation condition
Define population
Select sampling method
Determine sample size
Select samples
Test samples
Evaluate sample results

Risk for Tests of Control Procedures

	Client's Control Risk is
Auditor's Assessment of Control Risk	Less than Maximum	Maximum
Less than Maximum Level	Correct Decision	Incorrect Decision [Effectiveness]Assesing Control Risk Too Low.
Maximum Level	Incorrect Decision [Efficiency]Assesing Control Risk Too High.	Correct Decision

Risk for Substantive tests

	Client's Book Value
Indication of Sample Results	Fairly Stated	Not Fairly Stated
Accept Book Value	Correct Decision	Incorrect Decision [Effectiveness]Incorrect Decision.
Reject Book Value	Incorrect Decision [Efficiency]Correct Decesion.	Correct Decision

Statistical Sampling
1. the sample deviation rate + the allowance for sampling risk > the tolerable rate
  modify his or her planned assessed level of control risk
Attributes Sampling
This sampling method provides evidence of the rate of occurrence of a specified characteristic in a population at auditor-specified levels of precision and reliability.
Variable Sampling
This sampling method provides the estimations of the total dollar amout of a population at auditor-specified levels of precision and reliability.

PPS Sampling

				  Tolerable Misstatement
		Sampling Interval=-----------------------
				   Reliability Factor for
				   Misstatement of Overstatement

			     Recorded Amount
		Sample Size=----------------
			     Sample Interval

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