Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
2.00 Credits
Member Price $109
Non-Member Price $139
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
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche’s Washington D.C. office, she was a frequent local and national instructor. She also served as an
instructor for the firm’s national “Train the Trainers” program.
Non-Member Price $139
Member Price $109