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SAMPLING (general approaches to audit sampling (Statistical sampling…

- - - - Sample size
      - Selection criteria
    - - evaluate the sample results and make the
        inference.
      - select the sample
        items
      - calculate the sampling size
  - - - the method
        of sampling
      - number of items that will be examined from
        a population (sample size)
      - which items to select (sample
        selection)
      - These decisions are based on subjective judgment as to which ITEMS/TRANSACTIONS ARE THE MOST MATERIAL AND MOST RISKY
- - - - Stop-or-go sampling
        
        prevent excessive sampling of an attribute by allowing an audit test to be stopped at the earliest possible moment
        
        is used when the IS auditor believes that relatively few errors will be found in a population.
      - Discovery sampling
        
        is most often used when the objective of the audit is to seek out (discover) fraud, circumvention of regulations or other irregularities.
        
        can be used when the expected occurrence rate is extremely low.
  - - - Stratified mean per unit
        
        in which the population is divided into groups and samples are drawn from the various groups; used to produce a smaller overall sample size relative to un-stratified mean per unit
      - Un-stratified mean per unit :
        
        statistical model in which a sample mean is calculated and projected as an estimated total
      - Difference estimation
        
        statistical model used to estimate the total difference between audited values and book (unaudited) values based on differences obtained from sample observations