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In: Accounting

Write a 175- to 350-word summary. Research a recent article on sampling as it relates to...

Write a 175- to 350-word summary.

Research a recent article on sampling as it relates to financial statement auditing.

Apply what you learn to your future accounting job.

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Expert Solution

The definition of sampling is - "The application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population" It is covered by ISA 530.

In other words sampling means restricting ones audit procedure to less than 100 % population.

Advantages of sampling -

  • Auditor can form opinion about the whole population by examining only sample size.
  • Sampling results in save of time as only sample size gives you observation of whole population.
  • It form the basis for which the additional work would need to be undertaken to reduce the risk of material misstatement.

There are various type of audit sampling like random sampling, systematic sampling, haphazard sampling, block selection which are popular amoung the auditor.

ekkarill92 answered 2 years ago
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