The effectiveness of audit sampling methods recommended to small and medium practices in guides published by audit regulators

Swanepoel, E.

doi:10.1080/10291954.2018.1514140

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2019

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“…The most commonly used sampling method for the audit procedure is monetary unit sampling (MUS) (Christensen, Elder, and Glover 2015;Swanepoel 2018). In MUS, probabilities are assigned on the level of individual monetary units (e.g., a dollar).…”

Section: Stage 2: Selectionmentioning

confidence: 99%

JASP for Audit: Bayesian Tools for the Auditing Practice

Derks¹,

Swart²,

Wagenmakers³

et al. 2019

Preprint

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Statistical theory is fundamental to many auditing guidelines and procedures. In order to assist auditors with the required statistical analyses, and to advocate state-of-the-art Bayesian methods, we introduce JASP for Audit (JfA). JfA is easy-to-use, free-of-charge software that automatically follows the standard audit workflow, selects the appropriate statistical analysis, interprets the results, and produces a readable report. This approach reduces the potential for statistical errors and therefore increases audit quality. Next to the frequentist methods that currently dominate audit practice, JfA incorporates Bayesian counterparts of these methods that come with several advantages. For example, Bayesian statistics allows incorporation of expert knowledge directly into the statistical analyses, allowing for a decrease in sample size, and an increase in efficiency. In sum, JfA is designed with the auditor in mind, it guides the auditor through the statistical aspects of an audit, and therefore has the potential to increase audit efficiency and quality.

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Section: Stage 2: Selectionmentioning

confidence: 99%