Audit Analysis and Sampling (8 hours) 

Objectives

After this course attendees should have an understanding of: 

Various audit analysis techniques

When to use audit sampling

How to design an audit sample, including sample type and size

How to document audit analysis, including sampling, and results of analysis

Short Description

Using real-world government audit examples, his course will cover various data collection and quantitative methods for audits, including types and methods of audit sampling.  We will discuss sample design techniques and considerations and use exercises to further understand sampling methods. We will also discuss how to document and report on the results of audit analysis, including the results of a sample as well as considerations for ensuring high-quality quantitative audit evidence.    

Course Outline

Overview

What audit standards say about data analysis and audit sampling

Why we use quantitative methods for audits

Types of quantitative data collection  

Types of quantitative analysis

Cost/benefit of various quantitative methodologies 

Considerations for quantitative analysis 

Exercise 1: What method should we use?  

Data reliability in audit analysis

Purpose of audit sampling

Exercise 2: Sampling vs analyzing the universe

Types of audit sampling

Factors for choosing the sampling method

Exercise 3: Selecting a sampling method

Factors to consider for sample size

Documentation of a sample and related analysis

High quality audit evidence

Exercise 4: Types and tests of audit evidence?  

Reporting on the results of your audit analysis

Wrap up