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

Overview

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

Learn how to determine sample sizes that are demonstrably sufficient to the audit planning needs.

Understand how attention to the design and implementation of internal controls over financial reporting can lead to improvements in engagement controls and create opportunities for engagements to use reliance on controls as a more efficient approach for the audit strategy.

Learn how to determine a defensible sample size for tests of internal controls and for substantive tests of detail, including dual-purpose testing.

Understand the principles of substantive tests of detail and the application of monetary unit sampling concepts, or MUS, the most commonly used sampling technique.

Highlights

Key Topics

• Basic Sampling Terms and Concepts
• Sampling Economics
• Attribute Sampling for Tests of Controls
• Methods to Compute Sample Sizes
• Sample Evaluation

Prerequisites

1-2 years of audit experience

Designed For

Who Will Benefit

• Experienced Staff
• New In-Charge Auditors
• Firms that want consistent training and level setting

Objectives

Learning Outcomes

• 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.