58 paragraphs found
Statistical sampling means an approach to sampling that has the following characteristics: A sampling approach that does not have characteristics (i) and (ii) is considered non-statistical sampling. Random selection of the sample items; and The use of …
Stratification means the process of dividing a population into sub-populations, each of which is a group of sampling units which have similar characteristics (often monetary …
Tolerable misstatement means a monetary amount set by the auditor in respect of which the auditor seeks to obtain an appropriate level of assurance that the monetary amount set by the auditor is not exceeded by the actual misstatement in the population. …
Tolerable rate of deviation means a rate of deviation from prescribed internal control procedures set by the auditor in respect of which the auditor seeks to obtain an appropriate level of assurance that the rate of deviation set by the auditor is not …
An example of when it is necessary to perform the procedure on a replacement item is when a voided cheque is selected while testing for evidence of payment authorisation. If the auditor is satisfied that the cheque has been properly voided such that it …
In analysing the deviations and misstatements identified, the auditor may observe that many have a common feature, for example, type of transaction, location, product line or period of time. In such circumstances, the auditor may decide to identify all …
The auditor is required to project misstatements for the population to obtain a broad view of the scale of misstatement but this projection may not be sufficient to determine an amount to be …
For tests of controls, an unexpectedly high sample deviation rate may lead to an increase in the assessed risk of material misstatement, unless further audit evidence substantiating the initial assessment is obtained. For tests of details, an …
This Auditing Standard also applies, as appropriate, to an audit of other historical financial information. …
This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010 . …