Sampling is often identified as a common audit deficiency in peer review. This course will review when is sampling applicable and 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.
DESIGNED FOR
All accounting/auditing professionals
BENEFITS
- Recall quality management requirements under the 2024 Yellow Book
- Identify changes to the effective date of the 2024 Yellow Book
- Recognize recent updates to the Green Book affecting internal control considerations
- Recognize the impact of the 2024 Uniform Guidance changes on Single AuditsIdentify changes in Appendix B of the AICPA GAS/Single Audit Guide affecting Single Audit engagements
- Recall key changes introduced through recent OMB memoranda relevant to Single Audits
HIGHLIGHTS
- 2024 Yellow Book revisions and implementation updates
- Quality management and key audit role changes
- GAO implementation delay and audit planning implications
- Green Book updates and internal control considerations
- 2024 Uniform Guidance overhaul
- Single Audit requirement updates
- AICPA GAS/Single Audit Guide (Appendix B) changes
PREREQUISITES
Prior experience with GAGAS and Uniform Guidance
ADVANCE PREPARATION
None