Statistical and non-statistical sampling — selection, evaluation, projection of misstatements.
To provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected.
SA 530 sits in the Audit Evidence phase of the audit. The Standards on Auditing are issued by the ICAI Auditing and Assurance Standards Board (AASB) and deemed to be prescribed by the Central Government under Section 143(10) of the Companies Act 2013. Compliance with SAs is mandatory for every audit conducted by a Chartered Accountant in India.
For authoritative text, refer to the ICAI AASB Compendium of Standards on Auditing at icai.org.
Editable, letterhead-ready formats that put SA 530 into practice — built from the ICAI working-paper set, free to download.
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SA 530 — Audit Sampling — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. Statistical and non-statistical sampling — selection, evaluation, projection of misstatements. To provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected.
Yes. Standards on Auditing are deemed to be prescribed under Section 143(10) of the Companies Act 2013, and ICAI members must comply with them in every audit of historical financial information. Non-compliance must be justified and can attract professional consequences in peer review, NFRA inspection, and disciplinary proceedings.
Documentation sufficient for an experienced auditor with no previous connection to the audit to understand what was done and why (SA 230). For SA 530 in the audit evidence phase, that means evidencing: Sample design considering audit objective, characteristics of population; Sample size sufficient to reduce sampling risk to an acceptably low level; Selection of items in a way that each sampling unit in the population has a chance of selection.
