New Staff: Understanding the Concept of Sampling - Substantive Sampling

Available Anytime
Location: Online
1Credits
Accounting and Auditing
Registration is Open
FICPA Members
$89.00 Regular Price
Nonmembers
$109.00 Regular Price
Product Code: AI23-ASE3-SAM2
Level: Intermediate
Vendor: AICPA CPE Division
Field of Study: Auditing

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


Prerequisite:

1-2 years of audit experience