Five Key Concepts in Audit Sampling: Three kinds of tests and two kinds of risk

摘要

At the beginning of the twentieth century, the rapid increase in the size of American companies created a need for audits based on selected tests of items constituting account balances or classes of transactions. Until then, a number of audits had included an examination of every transaction in the period covered by the financial statements and the professional literature paid little attention to the subject of sampling. Today, the AICPA "Audit Sampling" guide is a staple of many an auditor's library. Now, updated for the first time since 2001, the new edition reflects changes in sampling brought about by the risk assessment standards.