The Digital Audit methodology has many differentiators from traditional audit methodologies. In this series we outline some of the unique functionality utilized within the methodology and how it supports auditors.
In this article we cover the sampling approach within the methodology, covering entity risk, assertion level risk, controls, substantive analytical procedures, substantive audit data analytics, no sampling caps with a worked example.
Catch up on other articles in the audit methodology series:
Inflo Insight | Strengthen Your Advantage
Launched in 2021, Inflo Insight delivers thought leadership articles, research and expert opinions on accounting and audit issues. Our content examines the complexity and challenges audit firms are facing in an evolving business landscape. Our intention is to summarise and simplify key trends and takeaways that saves you time, builds knowledge and capability to adapt.
Inflo was founded by former Big Four auditors with the objective of making more progressive audit technologies and methodologies available to audit firms of all sizes. Our Digital Audit technology and approach improves the quality and relevance of the audit product for over 70% of the UK’s largest, non-Big Four firms. Our goal is to educate and support the profession to embrace and adapt to change and strengthen your advantage.