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CPE Self-Study
Experienced Staff/New In-Charge - Understanding the Concept of Sampling
NASBA FIELD OF STUDY
Auditing
LEVEL
Intermediate
CPE CREDITS
Online: 1.5
Taking an in-depth look at the concept of sampling, this CPE course will focus on determining a defensible sample size for tests of internal controls and for substantive tests of detail.

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Product details

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.

Ratings and reviews
Author(s)

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).

Tom Noce, CPA, CFE

Tom Noce, CPA, CFE is a CPA licensed in California and New Jersey with over 37 years of experience in the field of public accounting, including eight years as a partner in a midsized firm. He is a graduate of Rutgers University. Tom began his independent practice in September 2003. His primary industry focus is in audit, accounting, and taxation services for construction and real estate clients. Tom is also a Certified Fraud Examiner and provides fraud prevention and detection, forensic accounting services, and litigation support to clients in a number of industries.

As an experienced author, instructor, and lecturer, Tom writes and teaches continuing professional education for CPAs. He chaired the 1st and 2nd Annual Fraud Conferences and 1999 and 2000 Audit and Accounting Conferences, sponsored by the California CPA Education Foundation. Since 1999, he has authored and presented more than 15 courses for the California CPA Education Foundation, the AICPA, and other providers. Tom was honored with the California CPA Education Foundation’s Award for Instructor Excellence in 2004 & 2010.

Tom lives and practices in Palm Springs, California. He is an accomplished woodworker and enjoys spending his spare time in his workshop.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 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 specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$109.00
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Estimated total:
$109.00
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CREDIT INFO
CPE credits
Online
: 1.5
NASBA Field of Study
Auditing
Level
Intermediate
Prerequisites
1-2 years of audit experience
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
ASE3-SAM1
GROUP PRICING
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
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