Audit sampling: an introduction

Front Cover
John Wiley, 1998 - Business & Economics - 257 pages
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It seeks to bridge the gap between introductory coverage of audit sampling and the technical presentation of concepts. It is written from the viewpoint of financial auditing with an emphasis on the use of sampling in the audit of financial statements by external auditors. Much of the material in the book is also appropriate from an internal auditing perspective.

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Contents

Nonstatistical and Statistical Audit Sampling
2
The Risk of Sampling
8
Case ll Is Sampling Involved?
18
ComputerGenerated Random Numbers
27
Summary
33
Case 21 Selecting a Sample
39
Planning Considerations for Test of Controls
47
USING VARIABLE SAMPLING FOR ACCOUNTING
87
Case 5
172
PPS Sampling for Overstatements
191
PPS Sampling for Overstatements and Understatements
197
Case 61 Clip Joint Inc
203
Why Use Nonstatistical Audit Sampling?
210
Use of Nonstatistical Sampling for Tests of Controls
221
Calculation Worksheets
227
List of Equations
233

USING VARIABLE SAMPLING FOR AUDIT
138
The Audit Hypothesis Model
147
Demonstration of the Audit Hypothesis Model
158
Audit Sampling Auditing Interpretations of Section 350
253
Copyright

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About the author (1998)

D. R. Carmichael, PhD, CPA, CFE, is the Wollman Distinguished Professor of Accountancy at the Zicklin School of Business, The Stan Ross Department of Accountancy at Bernard M. Baruch College, The City University of New York. Until 1983, he was the vice president, auditing, at the AICPA, where he was in charge of the development of professional standards. Dr. Carmichael has written numerous professional books, college texts, and articles in professional as well as academic journals. He has acted as a consultant to CPA firms, state and federal government agencies, public corporations, and attorneys. He has dealt with issues related to accounting, auditing, ethics, and controls standards and practices. He has testified as an expert witness in civil and criminal litigation and proceedings.
Note: D. R. Carmichael, PhD, CPA, CFE, is the chief auditor and director of professional standards of the Public Company Accounting Oversight Board (PCAOB). He has not participated in the preparation of this supplement. The views of Dr. Carmichael expressed in the Tenth Edition are solely his and not necessarily those of the PCAOB or any other member of its staff.

Ray Whittington is chairman of the accounting department at San Diego State University, and received his Ph.D. from the University of Houston. He has also been the Director of Audit Research for the AICPA

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