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• W276529632 abstract "Yes, books are all right, Winslow gave a little sigh. Though, it's remarkable how little help they offer in the more curious problems of life. From James Hilton's novel So Well Remembered (Little, Brown & Co., 1945). A large part of an auditor's job is measurement. Do incurred asset losses exceed some acceptable level? How do I measure the losses? What type of inquiry should I make to provide information needed for an informed audit judgment? If I use sampling to measure the errors, are any books on statistics available to assist me? How can I be sure that I am using the correct formulas? These are typical questions that most auditors must answer during audit engagements. A friend advises, Use statistical sampling to estimate the losses. You learned about it in your statistics classes, in college. Usually, that is sound advice, especially if asset items number in the thousands, maybe millions. During formal education, future auditors complete one or two, maybe three, courses in statistics. Little do they realize the importance of the subject matter! Also, they do not realize that topics in many elementary statistics texts are not presented with the auditor's problem in mind. Typically, the texts offer little assistance in understanding the finer points of sampling. So, previous training is not always sufficient for the auditor's needs. MAKING A QUALITY ASSESSMENT REVIEW OF STATISTICAL SAMPLING SOFTWARE Some auditors write their own statistical sampling software using a microcomputer. Others obtain software from outside sources, such as from the public domain. If software is obtained from an outside source, how can you determine if the author used the proper formulas in computing lower and upper confidence limits? It is not a good idea to accept work done by someone else without first verifying the computational procedure. If you write your own software, which formulas should you use? As you might guess, care needs to be exercised in selecting formulas from a statistical text. Consider the following. Upon examining a text, you may find that the author takes shortcuts to ease computation burdens. These shortcuts may or may not be proper. Another author may fail to clearly distinguish between sampling with replacement and sampling without replacement. This distinction is important. Another author may assume that you know the population standard deviation when computing the sampling error. This is seldom a proper assumption for the type of sampling applied by auditors. Other authors may use seemingly different formulas when computing the same value. One author may consistently include a term referred to as the finite population correction, where another author does not. You may even find that a text does not mention a portion of an equation that the audited organization says is necessary to provide an unbiased estimate. The list goes on and on. All of this can lead to statistical projections you cannot defend. Worse yet, it can result in using formulas that produce misleading results. We thought that you would like to know about these problems and how to make a quality assessment review of the computational methods used by your software. That is the purpose of this article. APPRAISING STATISTICAL SAMPLES Before condemning the statistical profession, one should realize that elementary statistics texts are just that --elementary. Compare what you learned in your first two accounting courses with the refinements that you made while studying advanced accounting problems. The same applies to statistics. In advanced statistics and mathematics, one learns about the finer points of sampling. We present two commonly used methods for appraising the results of unrestricted random samples. We make no assumptions about whether any portion of a formula is important or unimportant in a given situation. If it is applicable, we include it. We stay clear of mathematics and technicalities whenever possible. …" @default.
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• W276529632 date "1992-01-01" @default.
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• W276529632 title "Warning! Some Misleading Statistical Sampling Formulas" @default.
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