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Audit Sampling, Audit Risk and Materiality

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit Sampling, Audit Risk and Materiality

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.
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  • July 4, 2021 at 9:14 am #626942
    avee11699
    Participant
    • Topics: 2
    • Replies: 2
    • ☆

    Hello
    I would like to know how audit sampling and audit risk are related? And whether there is a link between audit sampling, audit risk and materiality?

    Thanking you in advance

    July 4, 2021 at 9:59 am #626947
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8357
    • ☆☆☆☆☆

    If you download our notes you can click on the chapter in the contents list at the beginning and/or search for key words. So you will find in the audit risk model (s.3. of Chapter 9) that audit sampling is relevant to detection risk – which has two components: sampling risk and non-sampling risk.

    As described – IR and CR are assessed – only DR is controlled by the auditor – so this is the determinant of audit risk. For DR to be reduced to an acceptably low level, the auditor must INCREASE substantive procedures (e.g. larger samples). To do more work means lowering materiality as a monetary amount.

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