24SR-0013: Performing Effective and Efficient Audit Sampling and Analytical Procedures (In-person)
Tuesday, June 25, 2024
8:30am - 12:00pm Central Time
4 CPE (4 technical)
Minnesota Society of CPAs, Bloomington
When performing an audit, an auditor bases their opinion about whether the financial statements are free from material misstatement on a variety of tests on the underlying account balances and classes of transactions. Some balances, such as debt or cash, may be tested 100%, but more commonly the auditor will use sampling to test a subset of the population to obtain sufficient evidence to support the opinion. The auditor will also use sampling when testing control activities to conclude on the effectiveness of the controls. For other account balances and transactions, auditors may choose to perform analytical procedures as substantive tests instead of, or alongside, sampling techniques. It is important to properly design and perform analytical procedures to ensure an effective and efficient audit engagement. This course provides detailed guidance and methods for performing these analytical techniques and explores the different sampling applications used in a financial statement/compliance audit.
Major subjects
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Types of sampling and sampling risk
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Attribute testing for tests of controls and compliance
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Variable sampling for substantive assurance
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Differentiating statistical and nonstatistical sampling approaches
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Determining sample sizes in a compliance audit
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Preliminary analytical procedures as risk assessment procedures
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Performing final analytical procedures to assess the conclusions reached during the audit and evaluate the overall financial statement presentation
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When to use substantive analytical procedures for efficiency and effectiveness
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Establishing expectations for substantive analytical procedures
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Setting a threshold for differences
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Following up on differences from expectations
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Concluding on substantive analytical procedures
Learning objective(s)
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Discuss the professional requirements related to sampling applications
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Differentiate attribute testing for tests of controls or compliance from variable sampling for substantive testing
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Explain special considerations related to internal control and compliance testing in a Single or Program-Specific Audit: Performing effective preliminary analytical procedures in the risk assessment process; performing a final overall analysis to assess the conclusions reached during the audit and evaluate the overall financial statement presentation; planning and performing effective and efficient substantive analytical procedures; concluding on analytical procedures
Who should take this program?
Auditors of all levels
Fees
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you are a
nonmember.
If you register, you will be charged
$259.00
(Standard Nonmember Fee).
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Standard Member Fee |
$209.00
|
Standard Nonmember Fee |
$259.00
|
Instructor
Marjorie Heap, CPA
Location
Minnesota Society of CPAs
1650 W 82nd St
Ste 600
Bloomington, MN
Area
of study
Accounting & audit
Field(s)
of study
Auditing - Technical (4.0)
Level
Intermediate
Format
Group Live
Sponsor
NASBA ID#: 139884
Prerequisites
Prereq.
Prior experience on private or public company audit engagements
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business
days before the event start date.
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