|When applying audit sampling in accordance with AU-C section 530, Audit Sampling, it is critical to understand the characteristics of audit sampling, the methods of audit sampling, and when audit sampling may be used. AICPA publications provide information on recent developments, guidance, practice aids, and illustrative examples to assist the practitioner when applying audit sampling including
- the audit sampling process.
- statistical and nonstatistical audit sampling in tests of controls and for substantive tests of details.
- monetary unit, classic variables, and attributes statistical sampling.
- multilocation sampling considerations.
- attributes statistical sampling tables.
- monetary unit sampling tables.
Find comprehensive examples of
- nonstatistical sampling case study.
- monetary unit sampling case study.
- classical variables sampling case study.
- attributes nonstatistical sampling case study.
The following products are available from the AICPA to help provide guidance and resources on the audit sampling.
In addition to Audit Guide Audit Sampling, the AICPA has also issued the paper "Technical Notes on the AICPA Audit Guide Audit Sampling." This paper contains technical notes on the 2012 edition of the guide and documents the key statistical tables in the guide for the benefit of statistical specialists, educators, students, and others. This paper may also help
- firms extend the tables to cover firm specific policies and guidance,
- individual practitioners tailor their sampling techniques to specific audit circumstances, and
- developers write software to augment or replace tables.
This AICPA Audit Guide has been fully conformed to reflect the new standards resulting from the Clarity Project. This year’s edition of the guide fully incorporates the clarified auditing standards into all guide content, so that auditors can further their understanding of the clarified auditing standards. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits). Auditors should carefully apply the relevant guidance until the clarified auditing standards become effective for the auditors’ engagements.