Management and Organizational Studies 3363A/B Chapter Notes - Chapter 11: List Of Fables Characters, Internal Control

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3363A/B
• Professor: Michelle Loveland

Document Summary

Increase sample size: use appropriate method of selecting sample. Where every possible combination of population items has an equal chance of being selected. Note each item in the sample will have the same characteristic. Population is split into smaller sets that are independently tested. Auditors select the first item in a block and the remainder of the block is chosen in sequence. Note if few blocks are used then the likelihood of non-representative sample increases. Items are chosen regardless of size, source, or other criteria. The audit sampling process for tests of controls and substantive tests of details. Using sampling for tests of controls: attribute sampling, discovery sampling, proportionate-to-size sampling or mus. Proportionate-to-size sampling: aka as monetary unit sampling (mus) or dus, focuses on a unit of currency instead of a physical unit, appropriate for tests of controls or tests of details. Sampling process three main parts: planning the sample, performing the tests, evaluating the results.