New Staff: Understanding the Concept of Sampling - Substantive 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.

Examine the relationship between the substantive sampling application and both the overall audit strategy and the overall objective of performing a low-risk audit. Understand the common elements of relating the test results to the auditing standards requirements by exploring the auditor's reporting responsibilities - under AU-C section 260, The Auditor's Communication With Those Charged With Governance (AICPA, Professional Standards), and AU-C section 265, Communicating Internal Control Matters Identified in an Audit (AICPA, Professional Standards) - that relate to substantive sample results.

Highlights

Key Topics

• Basic Sampling Terms and Concepts
• Sampling Economics
• Determining Sample Sizes
• Handling Misstatements
• Failed Substantive Steps
• Communicaiton and Documentation

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 key characteristics of substantive audit sampling.
• Identify methods to determine defensible substantive test sample sizes.
• Identify potential courses of action for handling misstatements, factual and projected, and failed substantive sampling testing.