Sampling is commonly used in many professional applications and the rules can differ from those to be followed for auditing financial statements. A review of some specialized situations and how to approach sampling will be illustrated with examples and techniques for effective implementation. Applying the wrong guidance or approach can result in litigation exposure, peer review or inspection comments. Presented by the chair of the AICPA Audit Guide Audit Sampling.
In this session we will discuss the following:
Examples of key guides and guidelines that suggest different sampling approaches in specific situations (e.g., AICPA, Single Audit, FAM).
Confusion in Single Audits: sampling guidance for compliance auditing.
When statistical sampling techniques may be most effective approach.
Tools to assist in sampling applications.
Tips for effective communication with clients regarding sampling and sampling parameters.
When sampling is used in lieu of detailed records for IRS tax purposes".
Distinguish between various guidance sources when sampling in different types of engagement.
Identify some tools for accomplishing efficient and effective applications.
Discuss case-studies of applications and lessons-learned.