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.
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