Statistical sampling - advantages, Auditing

Assignment Help:

Statistical sampling - Advantages

A. It is defensible and scientific;

B. It gives a precise mathematical statement for probabilities of to be correct;

C. It is efficient over large samples are not in use;

D. It tends to source uniform standards among different auditing firms;

E. It can be used through lower grade staff who due to lack of experience may be lacking the necessary judgment required through the judgment sampling.

Related Discussions:- Statistical sampling - advantages

Objectivity - external auditor report, Objectivity - External Auditor Repor...

Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment. Many more business transactions have financ

Procedures followed in conducting an audit, Procedures followed in Conducti...

Procedures followed in Conducting an Audit Procedures generally followed in conducting an audit by more than one firm of accountants and the division of work between them.

Audit procedures, Explain appropriate audit procedures you would apply in v...

Explain appropriate audit procedures you would apply in verification of cheque payments.

Audit of group accounts, Audit of Group Accounts The main problems can...

Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern

Systems based audit approach, Systems Based audit approach The basis of...

Systems Based audit approach The basis of IAS 400, Risk Assessment and Internal Control. The term systems audit refers to the typical audit approach to medium and large comp

Liability to third parties, Liability to third parties For long time li...

Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development. Illustra

Existence - detailed audit of stock, Existence - Detailed Audit of Stock ...

Existence - Detailed Audit of Stock In the previous the auditor accepted a director's certificate as to the existence of stocks. Until some cases specifically in the United S

Litigation and claims, Litigation and claims ISA 501 Audit Evidence -...

Litigation and claims ISA 501 Audit Evidence - Additional Consideration for exact Items requires such auditors should carry our process to become aware of any material litig

Describe the detailed audit works, Your firm has recently been appointed au...

Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee

Accounting principles - intangible assets, Accounting Principles - Intangib...

Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages