Transcription of RELATING STATISTICAL SAMPLING TO AUDIT OBJECTIVES
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RELATING STATISTICAL SAMPLING TO AUDIT OBJECTIVES
A STATISTICAL SAMPLING plan, designed especiallyfor auditors , that would help reducenonsampling error by organizing available datainto a quantifiable form for decision-makingRELATING STATISTICAL SAMPLINGTO AUDIT OBJECTIVESBY ROBERT K. ELLIOTT AND JOHN R. ROGERSFOR many years independent auditors have beenencouraged to use STATISTICAL SAMPLING pro-cedures in conducting AUDIT tests. The advantageshave been pointed out in many books and articles onthe subject. Most auditors trained in the last decadehave been exposed to STATISTICAL SAMPLING duringtheir formal training and encouraged to use it. TheAmerican Institute of Certified Public Accountantshas encouraged its use. Notwithstanding all of thisencouragement, use of STATISTICAL techniques is stillnot widespread within the profession. Althoughmany factors contribute to the lagging implementa-tion of STATISTICAL techniques, two stand out as mostimportant;1.
A statistical sampling plan, designed especially for auditors, that would help reduce ... cases, auditors do less work than necessary to con-trol these risks and, in other cases, more work than necessary. When too little work is done, the auditor ... the operation of internal controls and aceounting systems. These judgments may then be used in
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