24 Desde the audit library

 

Audit Sampling 101

Audit sampling is a critical process that is often overlooked.
 
Here are some tips and tricks for audit sampling:
 

• Always include the full report or population you are sampling from in your audit workpapers.
• Before pulling a sample, verify a control total to make sure you are working with a complete population. Examples are checking whether total credits equal total debits on a general ledger report, or re-calculating a report of total expenses in your audit period.
• Include a workpaper with your sampling methodology and sampling selections.
• If additional selections are pulled, clearly document the purpose.

 
While many of our subscribers use ACL or IDEA to pull samples (these programs make sampling a breeze!) we know not all of you have access to such resources. Check out our random sample generator (for bank, credit union, or non-industry specific use) which allows you to quickly pull a random sample from a small population without duplicates. Performing an audit sample and documenting it might seem like a lot of work, but trust us, it is easier than testing 100%!