Audit Staff Essentials - Experienced Staff or New In Charge: Understanding the Concept of Sampling - Substantive Sampling
Substantive sampling deep-dive for experienced or new in-charge audit staff.
Format
Online
NASBA Field of Study
Auditing
Level
Intermediate
CPE Credits
1.5
Author(s)
AICPA and CIMA staff
Availability
1 year
Product Number
ASE3SAM226SSO
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Substantive sampling and audit strategy
Knowing the relationship between substantive sampling application and the overall audit strategy and objective of a low-risk audit is paramount to your work as an experienced auditor.
You can enhance your understanding of common elements of substantive sampling, including:
- Relating the test results to the auditing standards requirements
- Exploring the auditor's reporting responsibilities regarding substantive sample results
Misstatements and failed tests
You'll also learn how to manage different scenarios, including:
- Handling misstatements in sampling results
- Failed substantive tests
As part of this, you'll explore appropriate ways to communicate and document sampling approaches, results, and implications.
Who Will Benefit
- Experienced staff
- New in-charge auditors
- Firms that want consistent training and level setting
Key Topics
- Substantive audit sampling
- Determining sample size
- Application of MUS sampling techniques
- Handling misstatements in sample results
- Failed substantive tests
- Communication and documentation
Learning Objectives
- 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.
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