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Jennthejelly Jennthejelly
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Consider the steps in sampling for tests of details and for tests of controls. Explain the differences in applying sampling to these two types of tests.
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Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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The differences are as follows:

Tests of Details
1. Define a misstatement.
2. Specify tolerable misstatement. 
3. Specify acceptable risk of incorrect acceptance. 
4. Estimate misstatements in the population. 
5. Analyze misstatements. 		Tests of Controls
1. Define attributes and exception conditions.
2. Specify tolerable exception rate.
3. Specify acceptable risk of overreliance.
4. Estimate population exception rate. 
5. Analyze exceptions.
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