Article title: The effectiveness of audit sampling methods recommended to small and medium practices in guides published by audit regulators
Authors: Elmarie Swanepoel
Journal: South African Journal of Accounting Research
DOI: 10.1080/10291954.2018.1514140
AICPA MUS projection method
The reader is alerted to the fact that that where reference is made to the “AICPA MUS projection method” in the article, it should be noted that this refers to a combined projection methodology where the estimated error amount is calculated using the MLE as per the IFAC guide as a starting point and then multiplying this MLE with an incremental factor as recommended in the AICPA guide (or, “combining the IFAC MLE with the AICPA incremental factor to calculate a UEL amount to be used as the estimated error”). Thus, the AICPA reference only pertains to the additional step of using an incremental factor to calculate a UEL to be used as the estimated error amount instead of only the MLE as calculated per the IFAC guide.
Furthermore, regarding the wording of Section 6.4 (Substantive procedures: AICPA MUS sampling methodology), the reader is alerted to the fact that reference to the paragraphs in the AICPA guide should be “ … paragraphs 6.44 to 6.48 … ” instead of “ … paragraphs 6.35 to 6.48 … ”.