Abstract:

The principal part of a financial audit is the verification of financial statements and other relevant information that enables the auditor to determine whether these statements give a true and fair view in accordance with the applicable financial reporting framework and are free of mistakes, misstatement or even fraud. The authors focus on one of the sub-tasks of the auditor, namely the area of sampling, and point out the importance of the correct procedure of the auditor so that the selected sample is objective, unbiased and especially representative in relation to the total set of items. Attention is paid not only to the risks involved in sampling but also to all the factors affecting the auditor's conduct and decision-making. They analyse the statistical and non-statistical methods of sample selection, define the fundamental differences between them in terms of randomness and the use of probability theory to evaluate the results of the sample. Last but not least, they describe the methods of sampling, the possibility and the way they are used in practice and provide recommendations to the reader in order to improve the quality of the financial audits performed. Examining the issue of sampling in a financial audit is the main objective of this contribution, which in its essence also affects the field of accounting or financial management. However, the prioritises the field of audit have the effects of multidisciplinary research on the issue.