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.
• Identify when a procedure requires sampling
• Recall key elements of a sampling plan
• Recognize proper application of AU-C 530 for tests of details
• Perform MUS sampling