|The IIA’s Practice Advisory (PA) 2320-3: Audit Sampling includes 21 points of relevance related to best practices for this critical undertaking for internal auditors. As the PA explains, in forming an audit opinion or conclusion, auditors frequently do not examine all the information available, since it may be impractical and valid conclusions can be reached using audit sampling. |
However, ensuring that the sample of the population is reflective of the whole requires practitioners to subscribe to best-practice approaches that consider a range of factors. The PA provides guidance to the internal auditor regarding the design and selection of an audit sample and the evaluation of sample results. Some of the areas highlighted in the PA include:
- Statistical vs. non-statistical sampling.
- Common audit sampling techniques.
- Sample size and structure considerations.
- Tolerable and expected errors.
- Sample projections
Download the Practice Advisory (PA) 2320-3: Audit Sampling