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AUDIT SAMPLING (SAMPLING PROCESS (Planning the sample, Select the sample…
AUDIT SAMPLING
Audit Sampling is the process of using auditing procedures to under 100%of various item in a company's account balance such that each unit may have an equal opportunity of being selected
WHEN TO USED?
- Used in field audits when it is not efficient to review 100% of the records.
- Used if records are missing or other circumstances make reviewing all of the records difficult
REPRESENTATIVE SAMPLING
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Sampling-risk = Risk that an auditor reaches an incorrect conclusion because the sample is not representative of teh population.Control:
- Adjusting the sample size
- Using an appropriate method of selecting sample items
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SAMPLING RISK
- Attibute(compliances testing)
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SAMPLING PROCESS
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- Select the sample and perform the test
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