CPE Self-Study

Audit Sampling

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    Audit Sampling Online Access Product #: 163193
    AICPA Member: $129.00
    Non-Member: $169.00
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Interested in applying sampling techniques? This CPE course uses examples and case studies to help you establish best practices for performing and evaluating sampling procedures. It also provides valuable information on determining appropriate sample sizes and selecting and evaluating 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 course's focus is non-statistical methods, the statistical basis of these methods is used in illustrations.

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 nonsampling procedures
  • Recognize the audit implications of projected misstatements from sampling procedures

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
  • Non-statistical sampling

Who Will Benefit?

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

Table of Contents

System Requirements

About the Authors

Lynford Graham, CPA, Ph.D., CFE

Lynford Graham, CPA, Ph.D., CFE is a CPA with more than 35 years of audit practice and policy development experience. He is a visiting professor of accountancy at Bentley University in Waltham MA. Dr. Graham is a member of the AICPA and a past member of the Auditing Standards Board. He chaired the task forces for AICPA Guides Assessing Audit Risk and Audit Sampling. He is also the chair of the Auditing Revenue Task Force for the AICPA Guide on Revenue Recognition.

He was a partner and National Director of Audit Policy for BDO, LLP. Prior to that, Dr. Graham was an associate professor at Rutgers University. Before Rutgers, he was a national accounting and SEC consulting partner at Coopers & Lybrand, responsible for technical issues research, auditing research, and sampling.

A Certified Fraud Examiner, in 2002, he received the Distinguished Service Award from the auditing section of the AAA. He is a co-author of several award-winning academic research papers. Dr. Graham holds an MBA and Ph.D. from the University of Pennsylvania, (Wharton School). He is the editor of Accountants' Handbook, 12th Edition (Wiley, 2012) and Internal Control: Audit and Compliance (Wiley, 2015).

About the Publisher


About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

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