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ISA 530: Audit sampling

The auditing standard ISA 530 sets out the requirements and other explanatory material for auditors applying statistical and non-statistical sampling, performing tests of controls and tests of details, and evaluating results of audit samples.

Full standard

ISA (UK) 530: Audit sampling
As issued by the Financial Reporting Council (FRC) in June 2016.

The International Standards on Auditing (UK and Ireland) issued by the FRC are based on the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC).

2016–2017 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
Latest edition of the handbook published by the IAASB, which includes ISA 530, relevant for audits of financial statements ending on or after 15 December 2016.

ICAEW guidance and support

Audit and Assurance Faculty
The faculty gives members a comprehensive package of essential guidance and technical advice. It produces a monthly newsletter with the latest thinking, technical bulletins and regulatory updates, and member-only events.

Effective sampling
Article from Audit & Beyond discussing when tests of detail are not required, when sampling is not required, when different sample selection methods can be used and what needs to be recorded when using a judgemental sampling approach. Published in December 2011/January 2012.

eBooks

The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Audit and assurance essentials for professional accountancy exams
Katharine Bagshaw (Wiley, 2013)
This primer on the key concepts of professional auditing and assurance syllabuses has a section on sampling. It gives a definition of audit sampling and outlines key points on sample selection, deviations and misstatements and sampling risk.

Core auditing standards for practitioners
Katherine Bagshaw and John Selwood (Wiley, 2014)
This book contains sections on audit sampling, discussing sample sizes, selection methodology, stratifying the sample and dealing with errors.

Frequently asked questions in ISAs
Steven Collings (Wiley, 2014)
This book addresses key areas where audit firms are failing which have been flagged up by audit regulators. It includes a chapter on audit sampling, with examples. The chapter covers how auditors arrive at a sample size, sampling risk, methods of selecting a sample and the different types of statistical (random, systematic or interval and stratified sampling) and non-statistical sampling (haphazard sampling, block selection and judgement selection).

Articles and books in the Library collection

Selected books

Implementing GAAS 2015-16
Ian Connon and Helen MacNeil (Wolters Kluwer, 2016)
Implementing GAAS 2015-16 (Generally Accepted Auditing Standards) provides guidance on current UK auditing standards and the supporting Practice Notes, Bulletins and other material. The annually updated title includes a chapter on audit sampling covering the use of sampling, risk assessment, design of the sample, errors, evaluating results and statistical and non-statistical sampling.

The audit process: Principles, practice and cases
Iain Gray and Stuart Manson (Cengage Learning, 2011)
An introduction to the principles and practice of auditing, with a chapter on sampling and materiality that covers designing and selecting the sample for testing, sample selection methodology, evaluation of test results and a comparison of statistical and non-statistical sampling.

Find more resources

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