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In: Accounting

Locate and read the article listed below and answer the following questions. Hall, T. W., J....

Locate and read the article listed below and answer the following questions. Hall, T. W., J. E. Hunton, and B. J. Pierce. 2002. Sampling practices of auditors in public accounting, industry and govern- ment. Accounting Horizons 16 (2): 125–136. http://www.aaajournals.org/doi/pdf/10.2308/acch.2002.16.2.125

The issue that is being addressed in the paper is to understand :
(1) how they determine sample size
(2) how the sample are selected and
(3) how the selected samples are evaluated

So my question is..can someone summarise it with example for the answer of this ☝️above with details . Tq

Solutions

Expert Solution

Article refer above on survey done on how frequent audit sampling is used and it's observed that non - statistical techinque is mostly used. Now let's understand difference statistical and non statistical sampling,

Statistical Sampling : Random Selection Techinque, Monetary Unit Selection, Probablity Theory and Cluster Sampling Techinque.

Non Statistical : A Sampling Technque which doesn't have characterstic as statistical sampling for selection.

So, in Study focus on matters are :

1. Extant of Audit Sampling Practice Carried Out.

2. An Extant of Use of Non Statistical Method and Use of AICPA Literature.

Thus study gives us that beside use of statistical techinque are used from audit application " improperly rely on formal statistical methods to evaluate nonstatistical samples. Because formal statistical evaluation methods make important assumptions about selection probabilities for population elements, reliance on these methods is appropriate only when using selection techniques that provide the appropriate selection probabilities (e.g., statistical selection techniques). Using a nonstatistical selection method that does not provide the required selection probabilities could materially misstate the sampling risk estimates provided by a formal statistical evaluation method and lead to auditor decision error "

With above statement they want to convey with extenstive use of non statistical techinque, thier is heavy reliance on professional jugdement, which doesn't have any support of audit evidence / probabilty techinque. Leads to error in decision making process.

So with all articles used of checklist among government, public accounting firm, etc with use of ANOVA prodecure difference in their thinking was commonise. So, ulimate result are shocking, as no substative training are receving from ends and even in courts due common paralances that are been accepted.


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