7.1 Audit sampling

Question 1

Meaning of audit sampling according to SA 530

Answer 1

It refers to application of audit procedures to less than 100% of items within the a population relevant under the audit, such that all sampling units (all items in the population) have a equal chance of selection

Question 2

Objective of the auditor in audit sampling

Answer 2

The objective of the auditor when using audit sampling is to provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected

Question 3

When will be SA 530 will become applicable

Answer 3

SA 530 will become applicable when the auditor decides to use audit sampling in performing audit procedures

Question 4

Scope of SA 530

Answer 4

The auditor use statistical and non statistical sampling when
designing and selecting audit sample
performing test of controls and test of details and
evaluating the results from the sample