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Here is a live link to downloadable software used to calculate the statistical sampling for test of controls last updated April of 2011. This is an Excel-based software program that aids an auditor in achieving greater efficiency when performing standard sampling. Performing such calculations by hand maybe too time consuming. Today's day and age we have the luxury of having computers to do it for us, so finding inexpensive software to perform our audit work is a must.
This link goes to an aritlce about the recently revisedAICPA Audit Guide on Audit Sampling. The articles has frequently asked questions which include major topics covered, materiality, walkthroughs, sample sizes, and whether statistical sampling is required.
This is a great picture using sampling in a substantive test. A population of $800,000 is used with a sample of 32 to achieve a sampling interval. The data in this statistical sample is cumulative totals, target totals, and balances. Just one of the many ways statistical sampling can be used in auditing.
This article isn't specific to audit sampling, but to statistical sampling in general. It is very timely as the 1940 census was just released a few days ago. An interesting note in this article is that they placed the "offensive" question regarding income towards the end of the census form in 1940. Given that they expected the census taker to be kicked out after this question, what would the impact be on the rest of the data collected? Does it stand or is it negated as an incomplete form.
The article also touches briefly on flawed samples, specifically the Literary Digestpoll which predicted the easy victory of Alf Landon (who?) over Franklin D. Roosevelt in the 1936 Presidential Election.
This is a great article from The CPA Journal describing statistical sampling. The article first describes how statistical sampling came about. It then goes into detail describing the difference between non-statistical sampling and statistical sampling. It describes when an auditor should use statistical sampling and what risks are associated with it. Lastly, the article provides many different examples about when this process was used.
