OasisLMS

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.

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.

Key Topics

• Substantive audit sampling
• Determining sample size
• Application of MUS sampling techniques
• Handling misstatements in sample results
• Failed substantive tests
• Communication and documentation

Who Will Benefit

• Experienced staff
• New in-charge auditors
• Firms that want consistent training and level setting