What has changed in Sampling?

‎‎Due to changes to ASA 315 (ISA (NZ) 315 in New Zealand), we have updated our Sampling worksheets to align with these changes. The purpose of this article is to provide guidance to users of our Sampling Worksheet and explaining options for you to utilise in your engagement file.

What are the big changes for the Sampling Worksheet?

The three main changes towards the Sampling worksheet are:

The new terminology for Inherent and Control Risk
The changes in Assertions
The Supporting Documentation is no longer attached to the worksheet

What are the changes to inherent and control risks terminology?

Inherent Risk has changed as per the table below:

Prior to October 2022		New from October 2022
Rating terminology	Risk Factor value	Rating terminology	Risk Factor value
High	0.0	Significant	0.0
Medium	0.3	Higher	0.3
Low	0.7	Lower	0.7

Control Risk has changed as per the table below:

Prior to October 2022		New from October 2022
Rating terminology	Risk Factor value	Rating terminology	Risk Factor value
High	0.0	High	0.0
Medium	0.3	No longer available	No longer available
Low	0.7	Low	0.7

What are the changes to Assertions?

The table below details the post-October 2022 assertions that we implemented into Audit System, to aligned with both IFAC and what is more commonly used internationally:

Audit System Assertions	Classes of transactions	Account balances
C - Completeness	Completeness	Completeness
E - Existence	Occurrence	Existence Rights and obligations
AV - Accuracy and Valuation	Accuracy Cut-off Classification	Accuracy, valuation and allocation Classification
P - Presentation	Presentation	Presentation

The table below represents the current pre-October 2022 combined assertions:

Audit System Assertions	Classes of transactions	Account balances
C - Completeness	Completeness	Completeness
E - Existence	Occurrence	Existence
A - Accuracy and cut-off	Accuracy Cut-off Classification	Rights and obligations Classification
V - Valuation		Accuracy, valuation and allocation
V - Valuation	Presentation	Presentation

Can I revert back to the pre-October 2022 “Inherent” and “Control” Risk Rating assessments?

No. Once you have updated to Audit 24.00 there is no way to revert back to the old inherent risk and control risk assessments.

Can I revert back to the pre-October 2022 “assertions”?

No. Once you have updated to Audit 24.00 there is no way to revert back to the old assertions.

What can I expect from Sampling after the update to 24.00?

Once you have applied the Audit 24.00 update, this will automatically change the Inherent, Control risk “rating terminology” and the assertions to the new 315 format. It is expected that many Sampling Worksheet calculations established last year will need to be redone.

Can I calculate the same sample size I did last year with the new Audit 24.00 changes?

Whilst the worksheet may be able to calculate the same sample size as last time, all users are reminded to re-evaluate each sample size worksheet and apply professional judgement when calculating Sample Sizes.

Can the Customer Service Team assist me with the Sampling Worksheet?

The Customer Service Team will be available to assist you with any technical queries on the Sampling Worksheet. However, please keep in mind that our Customer Service Team are Caseware Working Papers and Audit System experts. They do not have the ability to assist with professional judgement or any other subjective audit matter in terms of Sampling.