SAMPLING FOR INTERNAL AUDITORS - ISACA
By Mwenya P. Chitalu CIA SAMPLING FOR EFFECTIVE INTERNAL AUDITING EXPECTED PRESENTATION OUTCOMES Why Do AUDITORS Sample? SAMPLING Policy Statistical & Non-statistical SAMPLING Statistical Terminologies Statistical SAMPLING Plans External Auditing Standards Sample Selection Methods Illustrations DEMYSTIFYING STATISTICAL SAMPLING The Principle (or Law) of Parsimony: That things are usually connected in the simplest or most economical way. Reducing ideas to small, easy-to-write symbols & saying a lot in a small area covered by a formula. Eliminate the Greek, Arabic & Roman language barrier in symbols & Formulae that mystify Mathematics or Statistics. Just like any other audit, Probe Statistical Assertions-Life can be made easy with appropriate SAMPLING .
STATISTICAL TERMINOLOGIES Tainting: Percentage of misstatement in a logical unit in a PPS sample. Upper Misstatement Limit (UML): Estimated maximum misstatement existing in the population at a specified reliability in PPS sampling. Sampling Risk: Conclusions based on sample differing with conclusions that could be reached if the entire population were
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