Minnesota Society of Certified Public Accountants

1650 West 82nd Street, Ste 600
Bloomington MN 55431
Ph: 952-831-2707 Fax: 952-831-7875
www.mncpa.org

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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

Firm administrators: Please log in before starting the employee registration process.

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

Types of sampling and sampling risk
Attribute testing for tests of controls and compliance
Variable sampling for substantive assurance
Differentiating statistical and nonstatistical sampling approaches
Determining sample sizes in a compliance audit
Preliminary analytical procedures as risk assessment procedures
Performing final analytical procedures to assess the conclusions reached during the audit and evaluate the overall financial statement presentation
When to use substantive analytical procedures for efficiency and effectiveness
Establishing expectations for substantive analytical procedures
Setting a threshold for differences
Following up on differences from expectations
Concluding on substantive analytical procedures

Learning objective(s)

Discuss the professional requirements related to sampling applications
Differentiate attribute testing for tests of controls or compliance from variable sampling for substantive testing
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

Our records indicate you are a nonmember. If you register, you will be charged $259.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.