Online Program

Practical Impact of Sample Sizes (305338)

Keywords: sampling principles, audit sampling, quality review, assurance

Statistical sampling is a generally accepted audit technique widely used in tax, internal audit, financial statement auditing, and many other regulatory and assurance functions. Even with this broad use and deep acceptance of sampling, there can be a wide range of practices and a lack of standardization for audit sampling.

We will explore the impact of sample sizes ranging from the unconventional small to the unnecessarily large determining what statistical attributes the samples require to provide assurance on audit and tax populations. In discussing sample size impact, this will be an observational review and does not seek a theoretical approach, but actual data driven analysis, and with more populations than is characteristically seen in applicable research. We should expect to roughly but clearly observe patterns and qualities that authenticate the theories of sampling while providing practical examples that validate industry best practices.