Description
Part 1: Audit sampling – Introduction to basic sampling concepts and terms
This course will be an overview of:
- When audit sampling is valuable.
- Audit sampling and audit evidence.
- Sampling risk in statistical and non-statistical sampling.
- The steps used to perform an audit sampling application.
- The audit risk model. Basic terms and concepts in sampling.
After completing this course, the learner should be able to:
- Recognize the audit risk model and how it can be used with sampling to accomplish audit objectives.
- Identify the basic terms and concepts we will be using in the course that are common to all samples.
- Distinguish between statistical and non-statistical methods when sampling is performed.
- Recognize some basic situations when sampling is being applied.
Part 2: Audit sampling – Attribute sampling for tests of controls and selecting a representative sample
This course will be an overview of:
- Attribute sampling and audit sampling.
- Sample size determination.
- Sample selection.
- Issues relating to tests of controls.
- Performing audit procedures.
- Evaluating sampling results and documentation.
After completing this course, the learner should be able to:
- Recognize how attribute sampling can meet stated audit objectives.
- Determine defensible attribute sample sizes and evaluate sample results.
- Identify common attribute sampling issues and some practical solutions.
- Recognize issues that can arise when selecting a sample and simple solutions to some of these problems.
- Identify basic concepts of non-statistical sampling.
Part 3: Audit sampling – Substantive audit sampling | An introduction
This course will be an overview of:
- Determining the extent of further audit procedures.
- Substantive audit sampling techniques and tolerable misstatement.
- Audit implications of substantive test results.
- Communications with management and governance.
- Techniques for substantive detail test sampling.
- Monetary unit sampling Selecting a PPS sample.
- Differentiate MUS from other sampling methods.
After completing this course, the learner should be able to:
- Recognize the relationship of substantive detail sampling to the risk of material misstatement (RMM) and other substantive audit procedures.
- Recognize the audit implications of factual (known) misstatements identified in sampling and non-sampling procedures.
- Recognize the audit implications of projected misstatements from sampling procedures.
Recognize how to select a valid item-based or probability proportional to size (PPS)-based statistical sample.
Part 4: Audit sampling – Classical variables sampling (CVS) techniques
This course will be an overview of:
- Classical Statistical Sampling.
- Applying CVS Sampling.
- Theory of Classical Statistical Sampling.
- The Audit Application of This Theory.
- Process of CVS Statistical Sampling.
- Implementation of a Classical Statistical Sample.
- Variables Sampling Schematic for Substantive Sampling.
- Emulating CVS Using Non-statistical Methods.
After completing this course, the learner should be able to:
- Recognize basic concepts of classical variables sampling (CVS).
- Recognize how software can be used when CVS sampling is planned and performed.
- Recognize some of the practical issues that can arise when CVS is applied in an audit context.
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