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SA 530 AUDIT SAMPLING Contents (Effective for audits of financial

SA 530 AUDIT SAMPLING Contents (Effective for audits of financial 2025

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SA 505 outlines the procedures for auditors to use external confirmations as a means of obtaining reliable audit evidence. It emphasizes the importance of designing and performing these procedures effectively, addressing management's refusal to allow confirmation requests, and evaluating the reliability of responses. The standard specifies requirements for maintaining control over confirmation requests, handling non-responses, and investigating exceptions. It also distinguishes between positive and negative confirmations, highlighting that negative confirmations provide less persuasive evidence. Overall, SA 505 aims to enhance the reliability of audit evidence through structured external confirmation processes.

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What are the sampling requirements to be considered for an audit procedure?

Statistical sampling requires that sample items are selected at random so that each sampling unit has a known chance of being selected. The sampling units might be physical items (such as invoices) or monetary units. With non-statistical sampling, an auditor uses professional judgment to select the items for a sample.

What are key items in audit sampling?

Key items are other balances or transactions that are identified as docHub in the particular circumstance of the test being carried out. The judgement of the auditor is required in assessing whether or not an item is a key item for these purposes. No absolute definition of key items is possible.

What are the limitations of audit sampling?

Audit Sample Limitations Because auditor observations or conclusions are based on estimations or generalizations, there is room for error. The two main types of errors that occur when performing data sampling are selection bias and sampling error.

What does SA 530 deal with audit sampling?

It deals with the auditors use of statistical and non-statistical sampling when designing and selecting the audit sample, performing tests of controls and tests of details, and evaluating the results from the sample.

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