A Guide to Sampling - Part 1
Sampling is often identified as a common audit deficiency in peer review. This course will review when is sampling applicable and the basics of planning a sample. We'll then focus on the application of sampling in financial statement audits with a look at sampling for substantive procedures. We'll look at the use of monetary unit sampling and tools that can be leveraged to reduce bias in sampling.
Upon completing this course, learners will be able to:
- Identify when a procedure requires sampling
- Recall key elements of a sampling plan
- Recognize proper application of AU-C 530 for tests of details
- Perform MUS sampling