How do I know if I need to select a sample in ISAE Attestation?

Published: 06/01/2022

Answer:

The nature of a procedure determines whether a sample is required to be selected or not. Not all procedures require sampling. For example, procedures performed on a bank reconciliation will test balances and reconciling items appearing on the reconciliation; procedures performed on trust creditor listings at specific dates are performed on the totals of the lists for some procedures, a sample of individual trust creditors’ balances for other procedures and examining the balances for all creditors to identify debit balances. Procedures in ISAE Attestation that require sampling include wording such as “select a sample of…”. For other procedures in which the method of gathering evidence is not prescribed, the auditor should apply judgment to how the objective of the procedure and how to obtain evidence that will be sufficient and appropriate.

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