Data sampling is the process by which one selects members of a population for a sample. For example, when one is choosing every third person leaving the shopping mall for an interview. While constructing a sample one should consider the consistency of the population, diversity and transparency. Some of the basic steps that one would consider when identifying other problems are random, systematic and stratified sampling techniques. All of the above are techniques of data sampling.
Compliance auditing follows up on a process or a transaction to determine whether it has violated any rules or not. If the process did not follow applicable rules, the auditor finds the cause of it and recommends ways of preventing future deviations. Compliance audits help the government in ensuring that corporations are following set rules and regulations as per agreements (Bolgert et al, 2015). On the other hand, compliance monitoring involves carrying out quality assurance testing over the day to day operations of the organization to ensure that it is operating within a compliant framework. Any business requires compliance monitoring to ensure that it is meeting the current industry standards.
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An effective audit planning ensures an effective audit. The audit team should maintain open communication with the auditee during the auditing process. The audit team should also identify risks to the organization or process and also identify controls that they can employ to mitigate the risks. Lastly, the audit team should obtain data prior to field work to confirm weaknesses r a condition early enough. This process helps the team in target testing and optimizing sample selection (Brylow, 2016). Examples of compliance monitoring activities include: attending sales presentations, listening to recorded customer service intake calls and transaction reviews, for example, travel expense reports. All of these activities allow the organization to identify and correct a problem before it causes problems (Weber and Wasieleski, 2013).
References
Bolgert, A. L., Kalyanaraman, R., Forlenza, R. M., & Cohen, R. J. (2015). U.S. Patent No. 9,110,976 . Washington, DC: U.S. Patent and Trademark Office.
Brylow, W. (2016). Five Elements of an effective audit planning process. Retrieved from https://misti.com/internal-audit-insights/five-elements-of-effective-audit-planning
Weber, J., & Wasieleski, D. M. (2013). Corporate ethics and compliance programs: A report, analysis and critique. Journal of business ethics , 112 (4), 609-626.
