Audit sampling is used to provide factual evidence and a reasonable basis to draw conclusions about a population from which a sample is selected. The internal auditor should design and select an audit sample, perform audit procedures, and evaluate sample results to obtain sufficient, reliable, relevant, and useful audit evidence to achieve the engagement's objectives.
Sufficient, in that the information is factual, adequate, and convincing so that a prudent, informed person would reach the same conclusions as the auditor. Reliable, in that the information is the best attainable information through the use of appropriate engagement techniques. Relevant, in that the information supports engagement observations and recommendations and is consistent with the objectives for the engagement. Useful, in that the information helps provide assurance that the organization will meet its goals.
The primary focus of this course is to provide you with an introduction to data sampling.
- Distinguish the various means of selecting items for audit testing.
- Understand risk-related terms associated with audit sampling.
- Relate audit sampling to the audit phases.
- Define the various sampling methods.
- Select an appropriate sampling method based on the audit objective and the nature of the desired conclusions