Stratified mean-per-unit sampling is a key tool used by auditors. The popularity of this statistical procedure arises from its unique ability to produce trustworthy ...

When auditing a company, auditors use a combination of professional judgment and statistical sampling methods to estimate account balances. Statistical sampling is an efficient way to design samples, ...

Publicly held companies, or private companies that apply for credit, must have routine audits of financial transactions conducted. Outside agencies, not affiliated with the company, perform these ...

In the technology age in which we live, CCOs often come face to face with a new phenomenon – too much information or data. TMI is not something to laugh at nor ignore. CCOs often face situations where ...

The Auditing Standards Board issued eight standards with new guidance for auditors assessing risks and controls in financial statement audits. Auditors must consider risk and also determine a ...

IMGCAP(1)][IMGCAP(2)]Current techniques used by auditors and taught to accounting students to evaluate financial statement information involve audit sampling and performing analytical procedures such ...

Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. Imagine receiving your online order two months late. Or an important email reminder about Q3 ...

External auditors have long been tasked with ensuring financial integrity, detecting fraud and providing an independent opinion on a company's financial statements. Now, with the rise of continuous ...

The reliance on statistical sampling is becoming an outdated risk in a data-rich world. UK audit firms must transition to full-population testing and continuous assurance, shifting the auditor's role ...