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This book is aimed at those with responsibilities for audit, risk and control - auditors of course - but also finance directors, audit committee members, project accountants, systems designers and other professionals too. Working under pressure, these people often need to take account of theory and best practice but strike a balance with the practical demands of their workplace. This book’s practical emphasis on meeting the ever-changing needs of clients and auditees will benefit a wide audience by helping readers to: ¢ select a suitable, practical sampling approach ¢ appreciate the statistical implications ¢ evaluate the results of audit testing ¢ take account of risk and control evaluation in targeting valuable audit resources. It does this by laying out the principles behind a concept and then grounding them in ’real life’ cases for the reader to work through. These are accompanied by suggested solutions which, while not definitive answers, do provide valuable advice and guidance. Finally the range of appendices, including a complete copy of the statement of auditing standards, SAS 430, make this book an essential resource for everyone concerned about modern auditing.
This book is about how to reduce large data sets down to the critical few high-risk subsets.
Sampling has become an acceptable technique that aids internal auditors in the conducting an audit. The requirement to provide just a reasonable and not absolute basis for his internal auditor should exercise professional judgment whether relying on sampling results will be sufficient to support the results of his evaluation. Although sampling has been a recognized audit procedure, relatively little is known about the sampling practices that internal auditors in the Philippines adopt. This study surveyed selected practicing internal audit practitioners on how they: (1) planned sample sizes, (2) selected sample items, and (3) evaluated sample outcomes. It also investigated the level of trainings received by the respondents related to audit sampling, common problems encountered in using sampling techniques, and the primary sources internal auditors consult for guidance regarding sampling and evaluation procedures. The result of the study showed that majority of the internal auditors rely on non-statistical sampling methods for planning sample sizes (63%), sample size selection (57%), and evaluation of sample results (73%). Despite the heavy reliance on non-statistical methods, the respondents reported that they have received less than adequate training techniques to mitigate bias. More so, thirty-five (35%) of the respondents answered that they do not use any procedures to mitigate potential selection biases. Among the statistical sampling selection method, simple random is the most frequently employed, while directed sampling is the most commonly used non-statistical sampling approach. The suitability of sampling techniques to client's transaction was the most common problem encountered in audit sampling. Standards set by the employer were the primary source that respondents consult for guidance concerning sampling and evaluation procedures. Respondents believed that application of audit sampling techniques contribute to the overall effectiveness of the audit activity to a moderate extent. These findings should enable internal audit practitioners to benchmark their sampling practices against current norms of the profession and eventually hope to contribute to the improvement of the professional practice of internal auditing in the country.
Emphasizing the use of sampling in the audit of financial statements by external as well as internal auditors, this book presents technical sampling material within the context of the auditing risk model. This edition features new sampling software with each book, new integration of international standards, and updated coverage of terminology and standards.
Designed from the perspective of financial auditing with emphasis on the use of sampling in the audit of financial statements by external as well as internal auditors. Presents technical sampling material within the context of the auditing risk model. New to this edition: a chapter on nonstatistical sampling, coverage of sampling to test compliance with laws and regulations, SAS #55 on internal control structure and recently published articulation standards.
This reference book guides readers in the application of statistical and nonstatistical sampling-to auditing financial statements, testing internal control, and assessing compliance with laws and regulations. Featuring simple discussions of all types of audit sampling, the book contains practice aids for planning, performance, and evaluation.
The easy way to master the art of auditing Want to be an auditor and need to hone your investigating skills? Look no further. This friendly guide gives you an easy-to-understand explanation of auditing — from gathering financial statements and accounting information to analyzing a client's financial position. Packed with examples, it gives you everything you need to ace an auditing course and begin a career today. Auditing 101 — get a crash course in the world of auditing and a description of the types of tasks you'll be expected to perform during a typical day on the job It's risky business — find out about audit risk and arm yourself with the know-how to collect the right type of evidence to support your decisions Auditing in the real world — dig into tons of sample business records to perform your first audit Focus on finances — learn how both ends of the financial equation — balance sheet and income statement — need to be presented on your client's financial statements Seal the deal — get the lowdown on how to wrap up your audit and write your opinion After the audit — see the types of additional services that may be asked of you after you've issued your professional opinion