Expected Error Rate Sampling
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Expected Error Rate Definition
For Dummies Sarbanes-Oxley For Dummies Cheat Sheet Auditing For Dummies Cheat Sheet Load more BusinessAccountingAuditingHow Does Attribute Sampling Work? How Does Attribute Sampling Work? Related Book Auditing variable sampling For Dummies By Maire Loughran Auditors choose from several types of sampling when performing an audit. Attribute sampling means that an item being sampled either will or won't possess certain qualities, or attributes. An auditor selects a certain number of records to estimate how many times a certain feature will show up in a population. attribute sampling tables When using attribute sampling, the sampling unit is a single record or document. Auditors typically use attribute sampling to test internal controls. An example of an attribute sampling feature may be that per the client's internal control procedures, all purchases over $50 are supposed to be authorized by a purchase order. So every purchase over $50 either will or won't be authorized by a purchase order -- attribute sampling has no gray area. Here's how you'd use attribute sampling to see whether the client's internal control is working properly: Your population consists of all vendor invoices for purchases over $50, and the number of records you sample from that population is set at 75 records. Looking through your sample, you see that 3 of the 75 records aren't supported by a purchase order. That gives you a population error rate of 4 percent (3/75). How do you decide if this population error rate is okay? That decision is based on
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Tolerable Error And Expected Error
an ACCA student Why choose to study ACCA? ACCA Accountancy Qualifications Getting started with ACCA Careers in accountancy Register your interest in ACCA Employers Why choose ACCA qualifications? ACCA important dates http://www.dummies.com/business/accounting/auditing/how-does-attribute-sampling-work/ and fees Getting started with ACCA ACCA support for trainees Supporting your ACCA members ACCA products and services Find an ACCA employer story Learning providers ACCA Approved Learning Partners Tuition resources Computer-Based Exam (CBE) centres Content providers Registered Learning Partners Exemption accreditation Members Support for members in Vietnam Members Beta site Membership benefits My development – CPD, events and resources Administer your http://www.accaglobal.com/vn/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/audit-sampling.html membership Professional standards and ethics Member magazine - AB Members in practice Social media for members Supporting your sector Council and elections Technical Activities and Advice Students Exam changes Getting started with ACCA Your study options Exam support resources Exam entry and administration Practical Experience Ethics Student Accountant Support for students in Vietnam Research & Insights Talent equation The digital finance function The digital finance function The future of the profession Good governance globally Technical activities and advice Risk Enterprise performance management Home> Students> Exam resources> Fundamentals level> F8 Audit and Assurance > Technical articles Audit sampling Related Links Student Accountant hub page Paper F8, Audit and Assurance and Paper FAU, Foundations in Audit require students to gain an understanding of audit sampling. While you won’t be expected to pick a sample, you must have an understanding of how the various sampling methods work. This article will consider the various sampling methods in the context of Paper F8 and Paper FAU. This subject is dealt with in ISA 530, Audit Sampling. The definition of audit sampling is: ‘The application of audit procedures to less than 1
WorkSocial MediaSoftwareProgrammingWeb Design & DevelopmentBusinessCareersComputers Online Courses B2B Solutions Shop for Books San Francisco, CA Brr, it´s cold outside Search Submit Learn more with dummies Enter your email to http://www.dummies.com/business/accounting/auditing/how-does-attribute-sampling-work/ join our mailing list for FREE content right to your inbox. Easy! Your email Submit RELATED ARTICLES How Does Attribute Sampling Work? Important Auditing Vocabulary and Key Terms Auditing For Dummies Sarbanes-Oxley For Dummies Cheat Sheet Auditing For Dummies Cheat Sheet Load more BusinessAccountingAuditingHow Does Attribute Sampling Work? How Does Attribute Sampling error rate Work? Related Book Auditing For Dummies By Maire Loughran Auditors choose from several types of sampling when performing an audit. Attribute sampling means that an item being sampled either will or won't possess certain qualities, or attributes. An auditor selects a certain number of records to estimate how many times a certain feature expected error rate will show up in a population. When using attribute sampling, the sampling unit is a single record or document. Auditors typically use attribute sampling to test internal controls. An example of an attribute sampling feature may be that per the client's internal control procedures, all purchases over $50 are supposed to be authorized by a purchase order. So every purchase over $50 either will or won't be authorized by a purchase order -- attribute sampling has no gray area. Here's how you'd use attribute sampling to see whether the client's internal control is working properly: Your population consists of all vendor invoices for purchases over $50, and the number of records you sample from that population is set at 75 records. Looking through your sample, you see that 3 of the 75 records aren't supported by a purchase order. That gives you a population error rate of 4 percent (3/75). How do you decide if