Category Archive for: AUDIT SAMPLING

QUESTIONS AND ANSWERS

Distinguish between: a) Attribute sampling and variable sampling b) Sampling risk and non sampling risk c) Alpha risk and beta risk. Attribute sampling and variable sampling Attribute refers to presence or absence of any character. For example, test of control, matching of delivery note with sales invoice is an attribute. The attribute sampling refers to statistics relating…

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AUDIT SAMPLING

INTRODUCTION The standard audit report describes auditor’s duties as planning  and performing the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. It also states that an audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. Also, the last sentence in scope paragraph states that “We…

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