Just when you thought you had it figured out, ISA 315 and 330 changed!
Have you considered the impact of these changes on your sampling methodology?
When designing tests of control and tests of details, the auditor shall determine means of selecting items for testing that are effective in meeting the purpose of the audit procedure.
The auditor also needs to ensure that sufficient appropriate evidence is obtained through these procedures. But in the age of big data, data analytics, data audits, etc. How will we approach sampling to ensure our processes remain relevant, are efficient and address the risks appropriately?

Content

The following will be covered during this session:

• What is sampling, and why do we do it?
• How is the audit impacted by big data and data analytics
• The requirement to obtain sufficient appropriate evidence:
  • Impact of risk assessment
  • Impact of sampling

• Different selection methods for data:

  • Should we always sample randomly?

  • What is audit sampling?

• Different types of sample selection methods

• Determination of sample sizes:

  • Test of controls VS substantive procedures

  • The completeness assertion

• Documentation necessary on audit file:

  • Sample size and professional judgement

  • Execution and evidence obtained

  • Evaluation of evidenc

Objectives

The objective of this webinar is to discuss the relevance of sampling in the current technological age, and how firms should approach sampling to ensure compliance with the standards, but also an effective efficient audit that is responsive to the risks identified.