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.
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.
Major Topics:
Key Topics
- Basic Sampling Terms and Concepts
- Sampling Economics
- Determining Sample Sizes
- Handling Misstatements
- Failed Substantive Steps
- Communicaiton and Documentation
Designed For:
Who Will Benefit
- Experienced Staff
- New In-Charge Auditors
- Firms that want consistent training and level setting