Chapter 15 Instructors Guide.docx
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Chapter 15 Instructors Guide.docx
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Chapter15InstructorsGuide
Chapter15
AuditSamplingforTestsofControlsand
SubstantiveTestsofTransactions
Bothauditsamplingchapters(Chapter15and17)followsimilarapproachestothetopic.Inresponsetosuggestionsfrominstructorsandcurrenttrendsintheuseofsampling,nonstatisticalsamplingiscoveredearlyineachchapter,followedbyadiscussionofstatisticalsamplingmethods.Eachchapteremphasizesthesimilaritiesbetweennonstatisticalsamplingandstatisticalsamplingmethods.WebelievethattheformatofChapter15willprovideyouwithmaximumflexibilityindecidinghowyouwishtoapproachthetopicofauditsamplingfortestsofcontrolsandsubstantivetestsoftransactions.Thechapterisbuiltaroundthefourteenstepsofauditsampling,whichapplytobothnonstatisticalandattributessampling.Eachstepiscoveredindetailduringthediscussionofnonstatisticalsamplingonpages489-505.Thediscussionofattributessamplingonpages506-512usesthesesamefourteensteps,butfocusesonthedifferencesbetweenhowthesestepsareappliedfornonstatisticalandattributessampling.
BeforeassigningChapter15,youmustdecidehowyouwanttoapproachthetopicofauditsampling.TherearetwosuggestedapproachesforcoveringChapter15:
(1)Covernonstatisticalsamplingonly
(2)Covernonstatisticalsampling,followedbyattributessampling
Notethatitisnotfeasibletocoverattributessamplingonly.Youmustcoverthenonstatisticalsamplingportionofthechapterbeforediscussingattributessampling.Thisisbecausetheattributessamplingportionofthechapterrevolvesaroundthefourteenstepsoutlinedinthenonstatisticalsamplingsectionofthechapter.
Theremainderofthisoutlineassumesthatyouwillfollowapproach
(2)above–covernonstatisticalsampling,followedbyattributessampling.Ifyouwishtouseapproach
(1)above–covernonstatisticalsamplingonly–simplyignorethelastsectionofthisoutline–AttributesSampling.
Thefollowingaretheprimarytopicalareasthatwesuggestyoucover:
⏹Chapteropeningvignette
⏹Overviewofauditsampling
⏹Representativesamples
⏹Statisticalversusnonstatisticalsamplingandprobabilisticversusnonprobabilisticsampleselection
⏹Nonprobabilisticsampleselectionmethods
⏹Probabilisticsampleselectionmethods,includingrandomselection
⏹Samplingforexceptionrates
⏹Nonstatisticalauditsampling
⏹Attributessampling(ignorethissectionifteachingnonstatisticalsamplingonly)
ChapterOpeningVignette–“IfYouareNotGoingtoBelieveIt,Don’tUseIt”
Analternativetitleforthisvignettewouldbe:
Thereisnosuchthingasan"isolatedmisstatement."Afrequentoccurrenceinpracticeisforanauditortofindamisstatementinasampleitem,toconfronttheclientwithit,andtobetolditisuniqueanddoesnotrepresentothersimilaritems.Itiseasytobuyoffontheclient'sargument,butverydifficulttodefendobjectively.Thisvignetteattemptstoshowthisusingsomenumbersthatallowthestudentstothinkofacceptingan"isolatedmisstatement"asagamblewheretheyaretakingtherisk.
Thevignettealsoreferstotherequirementtoprojectmisstatementsfromsamples.Youcandiscussexamplesofhowthisisdone.
OverviewofAuditSampling
Wefirstsummarizetheprocessofassessingcontrolriskandperformingtestsofcontrolsandsubstantivetestsoftransactions(seeT-15-1)toprovideanoverviewofwhereauditsamplingfitsintheengagement.
(SeeT-15-1)
NextyoushouldreferagaintothefourevidencedecisionsinChapter7.
(SeeT-15-2)
Theonlytwodecisionscoveredinthischapteraresamplesizeandtheitemstoselect.Askstudentstheorderinwhichthefourdecisionsarelikelytobemade.(Theyareofteninterchangeable.)
1.Auditprocedures
2.Samplesize
3.Itemstoselect
4.Timing
RepresentativeSamples(page482)
Theconceptofarepresentativesampleisanimportantone.ReviewQuestion15-1canbeusedeffectivelyhere.Duringthediscussion,wecoverthetwocausesofanonrepresentativesample:
nonsamplingriskandsamplingrisk.Youshouldstressthatnonsamplingriskresultsfromtheauditor’sfailure.Incontrast,samplingriskisaninherentpartofauditsampling,whichresultsfromtestinglessthananentirepopulation.ReviewQuestion15-11canbeusedduringthisdiscussion.
StatisticalVersusNonstatisticalSamplingandProbabilisticVersusNonprobabilisticSampleSelection(page483)
Weusuallyspendafewminutesdiscussingstatisticalversusnonstatisticalsampling.Wefocusonthesimilaritiesbetweenthetwoandstressthatbothmethodsareequallyacceptableunderprofessionalstandardsaslongastheyareappliedwithdueprofessionalcare.
Weendthisdiscussionwithanintroductionofnonprobabilisticandprobabilisticsamples.Westressthatifastatisticalsamplingmethodisused,aprobabilisticsamplemustbeselected.
NonprobabilisticSampleSelectionMethods(page484)
Webrieflycoverthethreetypesofnonprobabilisticsampleselectionmethods:
⏹Directedsampleselection
⏹Blocksampleselection
⏹Haphazardsampleselection
ProbabilisticSampleSelectionMethods,IncludingRandomSelection(page485)
Wefinditeasytooveremphasizethisarea.WehavefounditeffectivetoassignProblem15-25,andgenerallyhavestudentsselectthesamplesusingthecomputerandsystematicselection.Indiscussingtheprobleminclass,wefirstdiscussthefollowing:
⏹Establishinganumberingsystemwhenprenumbereddocumentsarenotavailable
⏹Replacementversusnonreplacementsampling
⏹Advantages,disadvantagesandproblemsinusingsystematicsamplingcomputerselection
Weendthediscussionwith:
⏹Advantagesanddisadvantagesofprobabilisticselectioncomparedtononprobabilistic
⏹Needforprobabilisticselectionifastatisticalmethodisused
SamplingforExceptionRates(page488)
Wefirstdiscusshowauditsamplingappliestotestsofcontrolsandsubstantivetestsoftransactions.Weintroducethefollowingconcepts:
⏹Attribute(ReviewQuestion15-12)
⏹Occurrenceorexceptionrate
⏹Controldeviations(testsofcontrols)
⏹Monetarymisstatementsintransactions(substantivetestsoftransactions)
NonstatisticalAuditSampling(page489)
Duringourdiscussionofnonstatisticalsampling,wefirstintroducethefourteenstepsofauditsamplingfortestsofcontrolsandsubstantivetestsoftransactions.ThesestepsareoutlinedonT-15-3,aswellasFigure15-7onpage504.
(SeeT-15-3)
(SeeFigure15-7)
Next,weuseeitherT-15-3orFigure15-7asaframeofreferencetogothroughthefourteenstepsofauditsamplingfortestsofcontrolsandsubstantivetestsoftransactions.Thefollowingcomments,beyondwhatthebookdiscusses,areuseful.
⏹Statetheobjectivesoftheaudittest(page490).None.
⏹Decidewhetherauditsamplingapplies(page490).WeemphasizetheimportanceofthisstepbyreferringstudentstoFigure14-6(page464),whichisanauditprogramfortestsofcontrolsandsubstantivetestsoftransactionsforHillsburgHardware.Wegothrougheachproceduretoaskstudentsifauditsamplingcanbeused.Thepurposeistogivestudentsaperspectiveofwhenauditsamplingisusedandthatitisnotusedforeveryauditprocedure.
(SeeFigure14-6)
⏹Definetheattributesandexceptionconditions(page491).ReviewQuestion15-13ishelpfulhere.Problem15-32(parta)dealswithexceptionconditions.
⏹Definethepopulation(page492).Hereweemphasizetheimportanceofestablishingthecompletenessofthepopulation.Thiscanbedonebydiscussingthedifferencebetweenthetheoreticalpopulationthattheauditorbelievesheorsheistesting(e.g.,accountsreceivable)andthephysicalrepresentationofthatpopulation(e.g.,thelistingofdetailedaccounts),andhowtospecificallyassurethattheymatch.Relatedtothisisthequestionoffootingcomputerlistings.Wetakethepositionthattheyshouldbefooted(ortestfooted)orverifiedthroughrelianceonIT-relatedcontrols,dependingonthecircumstances.Webelievethatsomeauditevidencemustbeobtainedrelativetothisobjective.
⏹Definethesamplingunit(page493).ItisimportanttorelatethisbacktoChapter14.Youmightaskhowmanyauditsamplingapplicationscouldbeusedandarelikelyfortheauditofsalestransactions.Problem14-27isanexcellentonetocoverthispoint,relatingittodirectionoftestsdiscussedinChapter14.
⏹Specifythetolerableexceptionrate(page493),specifytheacceptableriskofassessingcontrolrisktoolow(page495),andestimatethepopulationexceptionrate(page495).FirstwegoovertheterminologyusedinSAS39(AU350)inreasonabledetail,usingTable15-1onpage489.
(SeeTable15-1)
Wealsodiscusshoweachoftheabovefactorsisdeterminedbytheauditor.WealsocoverTable15-4andTable15-5(page496).
(SeeTables15-4and15-5)
⏹Determinetheinitialsamplesize(page496).Weemphasizetheeffectofthefollowingfourfactorsonthedeterminationofinitialsamplesize:
populationsize,TER,ARACR,andEPER.Table15-6onpage497canbeusedtosummarizehowthesefourfactorsaffectsamplesize.
(SeeTable15-6)
ReviewQuestion15-16andMultipleChoiceQuestion15-22areespeciallyhelpfulhere.Inaddition,Problem15-28partacanbeassignedtogivestudentspracticeindecidingsamplesizeusingnonstatisticalsampling.WealsoshowstudentshowasamplingdatasheetmightlookatthispointbyreferringthemtoFigure15-2(page494).
(SeeFigure15-2)
⏹Selectthesample(page497).Youshouldreferstudentsbacktothenonprobabilisticandprobabilisticmethodsdiscussedonpages484-487.
⏹Performtheauditprocedures(page497).Wedis
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