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Sampling and Testing

Question Description
Based on the Audit Plan created last week, create a plan for sampling and testing controls.

This can be done in a table format in your Excel workbook of audit papers. Include the account or process (i.e. Accounts Receivable or Cash Handling), objective, method, exception criteria, population, sampling unit and tolerable exception rate. For Sampling units, where exact numbers are not known (such as total number of customer accounts within Accounts Receivable), use an appropriate portion such as 1 out of 1,000.

In your spreadsheet, be sure to include your reasons for the criteria your team chooses.


The Module 04 Project builds upon your group’s audit plan that you completed in Module 03. As part of your Module 03 audit plan, you and your group selected a transaction cycle that appeared susceptible to material misstatement. In Module 04, you and your group will create a plan for sampling and testing internal controls related to that transaction cycle.

Chapters 14 & 15 describe sampling and testing for internal controls. These two chapters would be a good resource to reference as your group develops a plan to sample and test the internal controls related to the transaction cycle chosen in Module 03.

Things to include in your submission

Your Module 04 submission should include everything you submitted in Module 03 plus a separate tab with:

The internal controls you are testing – choose 4 or 5 internal controls you think your company uses in relation to the transaction cycle you chose in Module 03.
The objective each control satisfies – the six transaction-related audit objectives are Occurrence, Completeness, Accuracy, Posting & Summarization, Classification, and Timing.
Your method of testing – i.e. how will you test each internal control?
Exception criteria – what does a failed test result look like?
The population you will draw from to test each internal control
Tolerable Exception Rate (TER)
This should be presented in a table format.

I will attach the material that was done previously.

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