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Judgmental Sampling
The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with no use of any mathematical or statistical equipments. Statistical sampling is the drawing of inferences around a large volume of data by an inspection of a sample using statistical techniques in its selection.The benefits of judgment sampling:
Its disadvantages are:
Judgement sampling is yet the preferred technique by the majority of auditors and this is defended on the grounds which the auditor is weighing numerous pieces of evidence and is investigating many things at similar time that the entire procedure is too complex to be reduced to easy formulas.
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
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How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
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Explain appropriate audit procedures you would apply in verification of cheque payments.
Verification of Liabilities - Audit Process Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as: 1. To confirm the existence of
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
Statutory Audits The audits are compulsory below statute in the case of a large amount of number of undertakings involving the following as: Undert
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