Auditing and assurance services 14e by arens chapter 15

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Audit Sampling for Tests of Controls and Substantive Tests of Transactions Chapter 15 http://www.authorstream.com/shengv n/ ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 5-5 Learning Objective Explain the concept of representative sampling ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Representative Samples A representative sample is one in which the characteristics in the sample of audit interest are approximately the same as those of the population In practice, an auditor can increase the likelihood of a representative sample by using care in designing the sampling process and selection, and evaluating the results ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Sampling Risks Sampling risk is the risk that an auditor reaches an incorrect conclusion because the sample is not representative of the population Nonsampling risk is the risk that audit tests not uncover existing exceptions in the sample ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Minimizing Sampling Risk Sampling Risk Meter Step Step Adjust sample size Use appropriate sample selection method ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Learning Objective Distinguish between statistical and nonstatistical sampling and between probabilistic and nonprobabilistic sample selection ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Statistical Versus Nonstatistical Sampling Similarities of both approaches: Step Step Plan the sample Select the sample and perform the tests ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley Step Evaluate the results 15 - Statistical Versus Nonstatistical Sampling Differences in approach: Statistical sampling allows the quantification of sampling risk in planning the sample (Step 1) and evaluating the results (Step 3) In nonstatistical sampling those items that the auditor believes will provide the most useful information are selected ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Probabilistic Versus Nonprobabilistic Sample Selection Probabilistic sample selection is a method of selecting a sample such that each population item has a known probability of being included in the sample Nonprobabilistic sample selection is a method in which the auditor uses professional judgment rather than probabilistic methods ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - Probabilistic Versus Nonprobabilistic Sample Selection Nonprobabilistic selection methods: Directed sample selection Block sample selection Haphazard sample selection ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 10 III: Evaluate the Results Step 12 Generalize from the sample to the population Step 13 Analyze exceptions ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley Step 14 Decide the acceptability of the population 15 - 28 Guidelines for ARACR and TER Tests of Controls ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 29 Guidelines for ARACR and TER Tests of Transactions ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 30 Effect on Sample Size of Changing Factors Type of change Effect on initial sample size Increase acceptable risk of assessing control risk too low Increase tolerable risk rate Increase estimated population exception rate Increase population size ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley (minor) 15 - 31 Actions When Population is Not Acceptable  Revise TER or ARACR  Expand the sample size  Revise assessed control risk  Communicate with the audit committee or management ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 32 Summary of Audit Sampling Steps Compare To/From Step Plan the sample (Steps 1-9) Computed upper exception rate From Step 12 Select the sample (Step 10) To Step 14 Perform the tests (Step 11) Evaluate the results (Steps 12-14) ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley Number of exceptions in sample and actual sample size To Step 12 15 - 33 Learning Objective Define and describe attributes sampling and a sampling distribution ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 34 Statistical Audit Sampling The statistical sampling method most commonly used for tests of controls and substantive tests of transactions is attributes sampling ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 35 Sampling Distribution It is a frequency distribution of the results of all possible samples of a specified size that could be obtained from a population containing some specific parameters Attributes sampling is based on the binomial distribution ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 36 Sampling Distribution ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 37 Learning Objective Use attributes sampling in tests of controls and substantive tests of transactions ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 38 Application of Attributes Sampling Use of the tables: i ii iii iv Select the table corresponding to the ARACR Locate the TER on the top of the table Locate the EPER in the far left column Read down the appropriate TER column until it intersects with the appropriate EPER row in order to get the initial sample size ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 39 Application of Attributes Sampling Effect of population size:  Population size is a minor consideration in determining sample size  Representativeness is ensured by the sample selection process more than by sample size ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 40 Application of Attributes Sampling  Select the sample Perform the audit procedures Evaluate the results ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 15 - 41 End of Chapter 15 ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 5-5 ... Prentice Hall Business Publishing, Auditing 14/e, Arens/ Elder/Beasley 15 - 15 Random Sample Selection Tools  Random number tables  Computer generation of random numbers offers several advantages... Hall Business Publishing, Auditing 14/e, Arens/ Elder/Beasley 15 - Learning Objective Distinguish between statistical and nonstatistical sampling and between probabilistic and nonprobabilistic sample... Publishing, Auditing 14/e, Arens/ Elder/Beasley 15 - 13 Learning Objective Select representative samples ©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/ Elder/Beasley 15 - 14 Probabilistic
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