Audit 207: Sampling - Avoiding Common Mistakes on Audits

Overview

Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits will describe the proper process for both attribute testing and variable sampling in financial statement and compliance audits. Sampling is an important method for determining the extent of testing controls, testing compliance, and tests of substantive details. It allows the auditor to apply procedures to less than 100% of the population yet extend results to project likely conclusions about the entire population. Note: This course is recommended as a part of a 16-hour audit skills curriculum for experienced staff auditors, while it is also appropriate for anyone who has sampling responsibilities. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this course include:

• Types of sampling and sampling risk
• Differentiating statistical and nonstatistical sampling approaches
• Attribute testing for tests of controls and compliance
• Variables sampling for substantive audit assurance when performing tests of details
• Determining sample sizes in a compliance audit in conformance with Uniform Guidance

Prerequisites

None

Designed For

Accountants responsible for applying sampling methods on financial statement or compliance audits

Objectives

Upon completion of this course, you will be able to...

• Identify generally accepted audit requirements related to sampling applications
• Differentiate attribute testing for tests of controls or compliance from sampling for substantive assurance in tests of details
• Recall special considerations related to testing in compliance audits performed in accordance with Uniform Guidance
• Identify common sampling-related audit deficiencies

Preparation

None