Sampling
This query is : Resolved
16 August 2013
There is a Proprietory firm with turnover of around 45 Crores.
Vat audit and Tax audit both are applicable.
Every month there are on an average 300 transactions with around 35 different parties.
It is not practical to check each and every invoice for the purpose of statutory audit.
So what basis can I select and how many invoices should I check to complete the Sales vouching in a limited time?
Can anyone please suggest an apt Sampling method?
Vat audit and Tax audit both are applicable.
Every month there are on an average 300 transactions with around 35 different parties.
It is not practical to check each and every invoice for the purpose of statutory audit.
So what basis can I select and how many invoices should I check to complete the Sales vouching in a limited time?
Can anyone please suggest an apt Sampling method?
17 August 2013
It will depend on your judgement. Refer a good Auditing book related to the business.
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