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Technical

Audit Sampling Logo aicpa

  Lynford Graham, CPA, Ph.D. |   $149.00 - 209.00 |   CPE: 8.0-9.5 |   AICPA |   Mar 2019 |   Auditing |   AICPA Store

This CPE course uses examples and case studies to help you establish best practices for performing and evaluating sampling procedures. It will help you determine appropriate sample sizes, and select and evaluate samples in connection with performing auditing procedures.

The course covers important techniques as well as special situations, such as estimating amounts and litigation support. An example of applying classical variables sampling to an audit population will be provided.

While focus of the CPE course is on non-statistical methods, the statistical basis of these methods will be used in illustrations.

Topics Discussed

  • Attribute sampling for control testing
  • Monetary unit sampling for performing substantive tests
  • Relating risk in material misstatement and sampling risk
  • Controlling and evaluating sampling risk
  • Selecting a representative sample
  • Using PPS sampling
  • Nonstatistical sampling

Learning Objectives:
When you complete this course, you will be able to:

  • Identify the basic terms and foundational concepts of audit sampling
  • Describe various sampling methods and how to determine the most appropriate sampling technique to properly align with the given test population
  • Determine sample sizes using various sampling methods and evaluate sample results.
  • Recognize the relationship of substantive detail sampling to the risk of material misstatement (RMM) and other substantive audit procedures.
  • Recognize the audit implications of factual (known) misstatements identified in sampling and nonsampling procedures.
  • Recognize the audit implications of projected misstatements from sampling procedures.

Who Will Benefit?
CPA staff (and above) who perform audits, internal auditors and other industry accountants interested in applying sampling techniques

Prerequisite: None

Advanced Preparation: None

Topics covered:
  • Assurance: Technical: Audit: Sampling, Intermediate
  • Assurance: Technical: Audit: Sampling, Advanced
Ensure audit consistency.
Who Will Benefit?
  • CPA staff (and above) who perform audits
  • Internal auditors
  • Other industry accountants interested in applying sampling techniques
Key Topics
  • Attribute sampling for control testing
  • Monetary unit sampling for performing substantive tests
  • Relating risk in material misstatement and sampling risk Controlling and evaluating sampling risk
  • Selecting a representative sample
  • Using PPS sampling
  • Nonstatistical sampling
Learning Objectives
  • Identify the basic terms and foundational concepts of audit sampling.
  • Describe various sampling methods and how to determine the most appropriate sampling technique to properly align with the given test population.
  • Determine sample sizes using various sampling methods and evaluate sample results.
  • Recognize the relationship of substantive detail sampling to the risk of material misstatement and other substantive audit procedures.
  • Recognize the audit implications of factual misstatements identified in sampling and non-sampling procedures.
  • Recognize the audit implications of projected misstatements from sampling procedures.

For auditors, choosing and applying the appropriate sampling method is crucial in performing an efficient and effective audit.

This self-study course is developed to help you determine appropriate sample sizes, as well as selection and evaluation of samples in conjunction with performing auditing procedures. We cover important techniques and special situations, such as estimating amounts and litigation support. As well, we provide an example of applying classical variables sampling to an audit population.

Though the focus of the course is on nonstatistical methods, the statistical basis of these methods is used in illustrations. We have also included case studies to help you establish best practices.

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