Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
Overview
Sampling is an important method for determining the extent of testing controls, testing compliance, and tests of substantive details. It allows the auditor to apply procedures to less than 100% of the population yet extend results to project likely conclusions about the entire population. This module will describe the proper process for both attribute testing and variable sampling in financial statement and compliance audits.
Highlights
- Types of sampling and sampling risk
- Differentiating statistical and nonstatistical sampling approaches
- Attribute testing for tests of controls and compliance
- Variables sampling for substantive audit assurance when performing tests of details
- Determining sample sizes in a compliance audit in conformance with Uniform Guidance
Prerequisites
None
Designed For
Anyone who performs audits
Objectives
- Recall generally accepted audit requirements related to sampling applications
- Differentiate attribute testing for tests of controls or compliance from sampling for substantive assurance in tests of details
- Explain special considerations related to testing in compliance audits performed in accordance with Uniform Guidance
- Identify common sampling-related audit deficiencies
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Jennifer Louis, Emergent Solutions Group LLC
Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and "soft skills" topics needed for professional and organizational success.
In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Charlotte, NC.
Non-Member Price $109.00
Member Price $79.00