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For the requirement asking to comment on the professional,quality control and other issues
Is it correct if we write“There are also quality control issues with the selection of sampling method adopted. First, the use of judgemental sampling may result in sample sizes which are smaller than would have been selected using statistical sampling methods, or in the selection of items which are not representative of the whole population. ISA 530 Audit sampling requires the auditor to determine a sample size sufficient to reduce sampling risk to an acceptably low level, and to select items for the sample in such a way that each sampling unit in the population has a chance of selection. The risk is that the use of judgement has led to inappropriate audit conclusions being made.”
As a quality control issue?
How many marks were available for the evaluation of the quality control, ethical and other professional matters in this question?
13
The printed solution identifies 10 matters (+ one further matter identified as ‘overall conclusion’)
The marking guide suggests 2 marks per (properly) evaluated point and the “change in sampling method” is one of those points
The evaluation that you have getting there in terms of an acceptable evaluation
However … how long would it take you to write out in legible hand-writing the answer that you have posted
I copied out your answer and it took me 3 minutes 36 seconds. 2 marks is worth only 2 minutes 36 seconds so you have stolen a full minute from another mark earning opportunity
If you do that twice in the exam and steal 2 minutes chasing 4 marks, you’ve effectively stolen the time for two further marks. In other words whilst trying to score 4, you’ve taken the time for 6. And it only needs one of those 4 not to suit the marker and you finish up scoring 3 marks when you should have been looking to score 6 in that allocated time
And that, my friend, is bordering on a fail!
Cut out the “ISA 530 Audit Sampling requires the auditor to …” and replace it with “The auditor should … ” – demonstration of that knowledge of numbers and titles earns NO MARKS
You need to be less wordy and more short, sharp points need to be made
OK?
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