Your video's are so helpful. Thank you do much. i have a question about evaluation of the misstatements when using sampling. what should we do if the projected misstatement is so close to the tolerable error but not exceed it?
@amandalovestoaudit3 жыл бұрын
A great question Hassna - I’d collect another sample and re-project
@hassnadarwish87233 жыл бұрын
@@amandalovestoaudit Thank you Amanda. i was actually arguing with my senior because in isa 530 they only mentioned when the misstatement exceeds the material misstatement and i sime cases because of the deadline we have such relief whwn we see that the misstatement is withinn the acceptable level.
@sesiengxukumeshe77374 жыл бұрын
Your videos are so helpful 🥺. Never really enjoyed auditing until I started watching your channel. You've made everything easier for me. Thank you!
@amandalovestoaudit4 жыл бұрын
I am so glad they are helping you Sesi!
@MyHomeIsTheHereafter5 жыл бұрын
Many thanks for this Amanda. A quick question. When I test for the recoverability of trade debtors, one of the procedures I perform is to select all material items plus few more (highest value) to reach a confidence of level of at least 60~70% as I think this is representative of the population. As per ISA 530, am I then wrong to ignore the remaining residual population and not sample from these even though my test is biased towards highest value debtors. Thank you.
@amandalovestoaudit5 жыл бұрын
Hi Omar - a great question. It sounds like you’ve got fairly good coverage of the population based on your sample selection method. It is highly likely that any misstatements you may find in those lower $ transactions would be immaterial anyway 😊
@MyHomeIsTheHereafter5 жыл бұрын
AmandaLovesToAudit thanks for the reply. Now I know what to tell the cold file reviewer! #CommercialVCompliance #
@siddharthkulkarni58092 жыл бұрын
Loved the video, very helpful. But I have been dealing with plenty of confusion with the portion regarding evaluation of sample results, specifically A22 of the explanatory material for para 15. The language is a bit hard to comprehend. In A22, it says that if the projected misstatement is greater than the tolerable misstatement, the sample does not provide a reasonable basis for making conclusions about the population. The logic here is a bit unclear to me. Does it imply that we have to extend the sample and recompute projected misstatement or simply that the objective of using audit sampling has not been achieved and that the given sample is not representative of the population?
@kesava80203 жыл бұрын
Where is that sample selection method explanation ma'am...🙏
@samiaghbar97626 жыл бұрын
Do you have videos for explaining when and why using the sample method, which you mentioned in the last minute in this video. Thanks
@amandalovestoaudit6 жыл бұрын
Hi Sami! This is my full lecture on sampling kzbin.info/www/bejne/eqDMeIKmhZmhfJI
@amandalovestoaudit6 жыл бұрын
Selecting the best population for your audit sampling kzbin.info/www/bejne/opatnmChachkhbM
@amandalovestoaudit6 жыл бұрын
Projecting misstatements to the population kzbin.info/www/bejne/jZSqcmSwrreZoqs
@anikiu32084 жыл бұрын
Mam, How do I determine how many sampling I should perform in specific assurance engagement i.e. audit?
@amandalovestoaudit4 жыл бұрын
Hi Anik - these videos will assist Introduction to sampling - kzbin.info/www/bejne/pqq9eWqfd7OliM0 Calculating sample sizes - kzbin.info/www/bejne/rZLSo3aag8t2i5I Example - kzbin.info/www/bejne/p2OQp6uhZbmWr5Y
@renjietang22126 жыл бұрын
cool
@renjietang22126 жыл бұрын
it is truly helpful
@amandalovestoaudit6 жыл бұрын
Thanks!
@aslimahahmad57685 жыл бұрын
ISA 510?
@amandalovestoaudit5 жыл бұрын
Good pickup - didn’t realize I’d missed it! On my to-do list ☺️
@tobyskatefilms72626 жыл бұрын
first!
@amandalovestoaudit6 жыл бұрын
Thanks Toby! 🥇🥇🥇
@Karrmohamed1998 Жыл бұрын
Thanks a lot man for the good work. Your videos are helpful.