INTERNATIONAL STANDARD ON AUDITING 530 AUDIT …

ISA 530 465 AUDITING INTERNATIONAL STANDARD ON AUDITING 530 AUDIT SAMPLING AND OTHER MEANS OF TESTING (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph Introduction .. 1-2 Definitions .. 3-12 AUDIT Evidence .. 13-17 Risk Considerations in Obtaining AUDIT Evidence .. 18-20 AUDIT Procedures for Obtaining AUDIT Evidence .. 21 Selecting Items for Testing to Gather AUDIT Evidence .. 22-27 Statistical versus Non-Statistical Sampling Approaches .. 28-30 Design of the Sample .. 31-39 Sample Size .. 40-41 Selecting the Sample .. 42-43 Performing the AUDIT Procedure .. 44-46 Nature and Cause of Errors .. 47-50 Projecting Errors .. 51-53 Evaluating the Sample Results .. 54-56 Effective Date .. 57 Appendix 1: Examples of Factors Influencing Sample Size for Tests of Controls Appendix 2: Examples of Factors Influencing Sample Size for Tests of Details Appendix 3: Sample Selection Methods ISA 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, ISA 330, The Auditor s Procedures in Response to Assessed Risks, and ISA 500, AUDIT Evidence gave rise to conforming amendments to ISA 530.

International Standard on Auditing (ISA) 530, “Audit Sampling and Other Means of Testing” should be read in the context of the “Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services,” which sets out the application and authority of ISAs.

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