MKD Updates. Use of Sampling in Vouching. M. K. Dandeker & Co.
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1 MKD Updates Use of Sampling in Vouching
2 Overview of topics covered Sampling Defined Use of Sampling in Vouching Categories of Sampling Statistical Sampling Non Statistical Sampling Comparison of categories of Sampling Risks in Sampling and Sample Size Planning sampling in an audit Stages in Sampling Purpose of Sampling in an audit Types of Methods of selecting the Sample Basis of choosing the appropriate Sample Selection Method
3 Sampling Defined Population General Definition A process used in statistical analysis in which a predetermined number of observations are taken from a large population. Sampling in Auditing Application of audit procedures to less than 100% of a population Sample To provide a reasonable basis on drawing conclusions about the entire population Objective of Sampling To reduce the risk of over auditing To ensure efficient review of working papers at the review stage
4 Use of sampling in vouching Vouching is an examination by the auditor of all documentary evidence which is available to support the genuineness of transactions entered in client s records as to completeness, accuracy and validity of the data procured by the accounting system. Sampling on the other hand, precedes vouching. It is the first step towards an informed opinion. Hence, sampling is not the end, but a means to achieve the end.
5 Statistical & Non Statistical Sampling Statistical sampling An approach which has the following characteristics is considered as Statistical sampling method; Random selection or Approximatio of samples. Use of probability theory to evaluate sample results and measurement of associated sample risks. Statistical sampling allows each sampling unit to have an equal chance of selection. Non Statistical Sampling Sampling approach which does not possess the afore mentioned characteristics is called Non Statistical Sampling. The use of Non Statistical sampling in audit sampling essentially removes the probability theory and is wholly dependent on the auditor s judgment.
6 Differences & Similarities between Statistical and Non Statistical Sampling Difference between Statistical and Non Statistical Sampling: The difference between the two types of sampling is that the sampling risk of a statistical plan can be measured and controlled, while even a perfectly designed non statistical plan cannot provide for the measurement of sampling risk. Similarities between Statistical and Non Statistical Sampling: The basic similarities between the two types of sampling is that both approaches require the exercise of auditor s judgement during planning, implementation and evaluation. Use of Statistical method does not eliminate the need to exercise judgement.
7 Risks in sampling & Sample size 000 Sampling Risks Risk that the sample is not representative of the population from which it is drawn and the auditor s conclusion is different to that of the entire population is subject to same audit procedures Non sampling risks The risk that the auditor reaches an erroneous conclusion for any reason not related to sampling risk. Types of erroneous conclusion due to sampling risks Risk of incorrect rejection When the sample indicates higher level of errors affecting audit efficiency. It can be resolved by additional audit work. Risk of incorrect acceptance When the sample fails to select sufficient items containing errors affecting effectiveness of the audit. Detected by other complementary audit procedures. Relationship between risk the auditor is willing to accept & sample size - Determines sample size Size Risk 000
8 Requirements of Audit Sampling Plan Requirements of Audit Sampling Plan: When planning the sample the following should be considered: The relationship of the sample to the relevant audit objective. Materiality or the maximum tolerable misstatement or deviation rate. Allowable sampling risk. Characteristics of the population. Select sample items in such a manner that they can be expected to be representative of the population. Sample results should reflect the population. Items that cannot be audited should be treated as misstatements or deviations in evaluating the sample results. Nature and cause of misstatements or deviations should be evaluated.
9 Stages in Sampling Process Planning Determining the objectives of the test Types of test to be performed (Variable Quantitative & Attribute Qualitative) Defining deviation Conditions Defining the population (Involves period, Sampling unit, Completeness of the population and error rate exploration) Performing Method of selecting the sample (Statistical & Non Statistical Sampling) Determining the Sample size Evaluating Evaluating the sample Evaluation of sample results Interpretation & extrapolation of results, qualitative aspects of deviation and reaching an overall conclusion about the population
10 Purpose of Audit Sampling Purpose Test of Controls Client s control objective compliance Example- For a sample of recorded sales invoices, compare a bill of lading, price list, quantity shipped, and shipping date Test of Details Assertions related to financial statement balances Example - Confirm a sample of the receivables, investigate exceptions and follow up non-respondents by vouching sales charges and cash receipts to supporting documents (evidence of existence, rights and valuation)
11 Methods of Selecting Samples Statistical Sampling Non Statistical Sampling Random Sampling Systematic Sampling Monetary Unit Sampling Haphazard Sampling Block Sampling All items within a population stand an equal chance of selection applied through random number tables or generators. Number of sampling units in a population is divided by the sample size to give a sampling interval. A type of valueweighted selection in which sample size, selection and evaluation results in a conclusion in monetary amounts. Based on attribute sampling techniques and is often used in test of controls. An acceptable alternative to random selection provided the auditors are satisfied that the sample is representative of the entire population It requires care to guard against making a selection which is biased. Sampling involves a selecting (block or blocks) of contiguous items from within a population Rarely used in modern auditing
12 Selecting the appropriate method of sampling Statistical sampling is especially appropriate for a population made up of large number of similar transactions and where internal control is sound. If there is a large number of homogeneous transactions in an account, the auditor can select relatively less number of transactions, examine them and draw a valid conclusion on the entire population. Non Statistical Sampling is used when the transactions are dissimilar. The auditor should use his professional judgement while selecting sample members and sample size. The auditor should also consider the computer environment in deciding between a Statistical and Non Statistical sample. If the client s records are computerized, Statistical sample is easy to apply. In a manual system, Non statistical sampling will be more appropriate.
13 THANK YOU
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