IIA-Australia Factsheet - Sampling and Testing

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Author	IIA-Australia
Date	2022
Topics Explored	Internal Audit
Format	Factsheet
Extract/Description	An auditor will generally design a ‘sampling and testing plan’ for each audit engagement to determine how the audit will achieve its objective by confirming or otherwise the validity of assertions that are key to the audit.
Key Points	Selecting a sample allows conclusions to be reached about an entire population on analysis of a portion (less than 100%) of the sample. Testing is taking a selected sample and assessing its individual components to determine whether they achieve the expected objective. Data analytic techniques should be considered for every internal audit engagement.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate