An empirical survey of certain key aspects of the use of statistical sampling by South African registered auditors accredited by the Johannesburg securities exchange

[摘要] ENGLISH ABSTRACT: The quality of external audits has increasingly come under the spotlight over the lastdecade as a result of a number of audit failures. The use of scientifically based statisticalsampling as a sampling technique is allowed, but not required by International Standardson Auditing. The science behind this sampling technique can add to the credibility andquality of the audit. Accordingly the main objective of this study was to explore certain keyaspects of the use of statistical sampling as a sampling technique in the audits of financialstatements done by South African Registered Auditors accredited by the JohannesburgStock Exchange (JSE).A literature review of the most recent local and international studies related to the keyaspects addressed in this study was done. An empirical study was then done by means ofa questionnaire that was sent to the JSE-accredited auditing firms for completion. Thequestionnaire focused on what was allowed by the firms' audit methodologies regardingthe key aspects investigated in this study and not on the actual usage of statisticalsampling in audits performed by the firms.The following main conclusions were drawn in respect of the four key aspects that wereinvestigated:1. In investigating the extent to which statistical sampling is used by auditing firms, it wasfound that the majority of them was allowed to use the principles of statisticalsampling. Upon further investigation it was found that only 38% were explicitly allowedto use it in all three sampling steps (size determination, selection of items andevaluation of results). The evaluation step was identified as the most problematicstatistical sampling phase.2. Two reasons why auditors decided not use statistical sampling as a samplingtechnique were identified, namely the perceived inefficiency (costliness) of thestatistical sampling process, and a lack of understanding, training and experience inthe use thereof.3. In investigating how professional judgement is exercised in the use of statisticalsampling, it was found that the audit methodologies of the majority of the auditing firmsprescribed the precision and confidence levels to be used, and further that the minority indicated that they were allowed to adjust these levels using their professionaljudgement. The partner in charge of the audit was identified to be typically responsiblefor final authorisation of the sampling approach to be followed.4. It was found that approximately a third of the auditing firms did not use computersoftware for assistance in using statistical sampling. The majority of the auditing firmsdid however have a written guide on how to use statistical sampling in practiceavailable as a resource to staff.The value of this study lies in its contribution to the existing body of knowledge in SouthAfrica regarding the use of statistical sampling in auditing. Stakeholders in statisticalsampling as an auditing technique that can benefit from this study include RegisteredAuditors in practice, academics, and, from regulatory, education and training perspectives,the Independent Regulatory Board for Auditors and the South African Institute ofChartered Accountants.

[发布机构] Stellenbosch University