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.
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
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