In the preparatory phase of auditing the client, a proper assessment of materiality is necessary, since it
determines the scope of population testing. Furthermore, determining the proper model and the type of
population sampling ensures that the real business of the entity will be shown in the financial statements.
Depending on their size, audit companies use different tools in their work. The largest audit companies
(“Big Four”) use expensive software, while small and medium-sized audit companies use tools that they
can develop or acquire, depending on their capabilities. In this paper, we discuss the viability of small
and medium companies using Excel to implement features present in General auditing software. Two
processes – stratification and monetary unit sampling are provided as examples.
M. Todorović, M. Perić, “Monetary Unit Sampling Using Msexcel – Automation in External Auditing,” in FINIZ 2020 - People in the focus of process automation, Belgrade, Singidunum University, Serbia, 2020, pp. 78-82. doi: 10.15308/finiz-2020-78-82
Todorović, M., Perić, M. (2020). Monetary Unit Sampling Using Msexcel – Automation in External Auditing. Paper presented at FINIZ 2020 - People in the focus of process automation. doi:10.15308/finiz-2020-78-82