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Technical

Experienced Staff/New In-Charge - Understanding the Concept of Sampling Logo aicpa

  $89.00 - 109.00 |   CPE: 1.5 |   AICPA |   Aug 2019 |   Auditing |   AICPA Store
Who Will Benefit?
  • Experienced Staff
  • New In-Charge Auditors
  • Firms that want consistent training and level setting
Key Topics
  • Basic Sampling Terms and Concepts
  • Sampling Economics
  • Attribute Sampling for Tests of Controls
  • Methods to Compute Sample Sizes
  • Sample Evaluation
Learning Objectives
  • Identify the basic terms and concepts that are common to all samples and recognize their relationships.
  • Apply attribute sampling to meet stated controls testing audit objectives, determine defensible sample sizes, and evaluate sample results.
  • Identify the key points to evaluating and documenting sampling results.

This CPE course can be purchased individually or as part of the Audit Staff Essentials - Experienced Staff/New In-Charge staff training bundle.

Sample sizes are often set by the in-charge accountant or the engagement manager. For many years, training programs did not emphasize sampling, and "auditor judgment" was used to set sample sizes. In recent years, additional attention has been paid to the extent of evidence gathered to support the "low audit risk" audit opinion, and the extent of sampling has thus received additional attention in inspections and peer reviews.

Increased attention on the design and implementation of internal controls over financial reporting has also led to improvements in many engagement controls and created more opportunities for engagements to utilize reliance on controls as a more efficient approach for at least a part of the audit strategy. As a result, there can exist a void in the understanding of many experienced professionals in how to determine sample sizes that are demonstrably sufficient to the audit planning needs.

This CPE course will focus on determining a defensible sample size for tests of internal controls and for substantive tests of detail, including a discussion of dual-purpose testing. We will concentrate on the principles of substantive tests of detail and illustrate the application of monetary unit sampling concepts, or MUS, the most commonly used sampling technique currently in practice.

Topics covered:
  • Assurance: Technical: Audit: Sampling, Intermediate

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