Practical Stats: Statistical Sample for Auditors

Course Field: Auditing
Delivery Method: Live/Internet-Based
Prerequisite: None
Level: Basic, Intermediate
Advance Prepration:No
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  • Seminar Overview

    A Detailed Course on How to Practically Apply Statistical Sampling Techniques in Internal Audit.

     

    Sampling is a truly fine art: a strict science, which can assist auditors in identifying and quantifying errors and issues. The course will give attendees an overview of Statistical Sampling, sampling methodologies and pitfalls inherent in analyzing results. At the completion of this course, attendees will be able to efficiently and effectively sample data to garner swift and accurate results.

  • Who Should Attend
    Financial, Operational, and Information Technology Auditors that would like to maximize the usage of audit sampling techniques.
  • Objectives
    • Understand the differences between statistical and non-statistical sampling methods and how they affect the audit approach
    • Understand how and when to use varying statistical sampling methods
    • Learn how to apply Benford’s law effectively to assist in the audit process
  • Agenda

    I. Introduction and Background

    II. Requirements of Audit Sampling Plans

    III. Sampling Overview

    a. Types of Sampling

    i. Statistical

    ii. Non-statistical

    b. Key differences in statistical vs. non-statistical sampling

    c. Planning an Analysis

    d. What is a Representative Sample?

    IV. Planning Phase

    a. When to Use Sampling

    b. General Tips

    V. Key Sampling Terminology a. When to Use Each Type of Sampling Plan

    VI. Types of Statistical Sampling Plans

    a. Attributes Sampling (Test of Controls)

    b. Sequential

    i. Overview

    ii. Comprehensive Example

    c. Discovery (Go or No Go)

    d. Statistical Attribute Sampling Plan

    e. Non-Statistical Attribute Sampling Plan

    f. Probability Proportion to Size (Substantive)

    g. Classical Variables Sampling (Substantive)

    VII. Benford’s Law

    a. Definition

    b. Applications

    c. Example

    VIII. Using Software for Sampling

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