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Collemi Consulting & Advisory Services, LLC believes in the importance of actively participating in the profession and staying ahead of current trends and issues that impact those involved in U.S. and international financial reporting and auditing.  Salvatore A. Collemi, CPA is regarded as an industry leader and subject matter expert by various organizations and media outlets.

Mr. Collemi is a dynamic and engaging speaker, facilitator and educator. Whether you need him to serve as an opening keynote speaker to set the tone for a conference or trade show or provide expertise on a panel or break-out session, he is accustomed to speaking on a wide range of timely and relevant technical U.S. and International accounting, auditing, quality control, independence and ethics topics. He can work with conference organizers and CPE sponsoring organizations to customize any topic to meet attendees’ educational needs.

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Mastering Audit Sampling

July 15 @ 3:00 pm - 5:00 pm

$100

When performing an audit of a private company, a CPA firm / sole practitioner bases his/her opinion about whether the financial statements are free from material misstatement based on a variety of testing procedures performed on material account balances (or classes of transactions). Some of these balances may be tested 100% but, more often than not, such as is the case with revenue, the engagement team will likely use audit sampling to obtain sufficient appropriate evidence. Engagement teams will also use audit sampling when testing controls to conclude on the effectiveness of those controls.

Audit sampling involves the application of audit procedures to less than 100% of items within a class of transaction or account balance such that all sampling units have an equal chance of being selected.

Audit sampling is mainly used for sampling substantive audit procedures. Audit sampling introduces the concept of sampling risk which arises from the possibility that an auditor’s conclusions might be different from those that would have been reached if the test were applied in the same way to 100% of the items in the account balance or class of transactions. Sampling risk includes the risk of assessing control risk too low or too high and the risk of incorrect acceptance and the risk of incorrect rejection.

Before sampling, engagement teams may want to consider if sufficient appropriate audit evidence has been gained through other substantive procedures such as substantive analytical procedures, dual purpose tests performed when testing the effectiveness of internal controls (e.g., performing substantive procedures on the items selected for testing the effectiveness of internal controls), or other substantive procedures performed such as testing of significant or unusual items.

We will explore these issues and so much more!

Who Should Attend
Auditors and practitioners in public practice who conduct audits of privately-held organizations.

Topics Covered

  • Types of sampling approaches and sampling risk
  • Testing for tests of controls and compliance
  • Differentiating statistical and nonstatistical sampling approaches
  • Using audit sampling engagement team’s last line of defense

Learning Objectives

  • Recognize how to apply the Professional Standards related to sampling applications
  • Identify how to focus on using audit sampling for substantive testing and dual purpose testing

CPE Credit: 2 hours for CPAs

Details

Date:
July 15
Time:
3:00 pm - 5:00 pm
Cost:
$100
Event Tags:
View Event Website

Venue

Group Internet Based
NJ United States

Organizer

Wolters Kluwer

For information on booking Salvatore A. Collemi, CPA as a special guest speaker for your next event, contact us today.

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