PCAOB Auditing Standard 2315: Audit Sampling Overview - 2 CPEs
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Do you understand PCAOB Auditing Standard 2315: Audit Sampling?
Audit sampling is the application of an audit procedure to less than 100 percent of the items within an account balance or class of transactions for the purpose of evaluating some characteristic of the balance or class. PCAOB Auditing Standard 2315: Audit Sampling provides an overview of the guidance for planning, performing, and evaluating audit samples.
The purpose of audit sampling is to allow a systematic method to review less than all audit evidence while providing professionally acceptable work and minimizing costs, time, and resources. The objectives of audit sampling are as follows:
- Collect sufficient audit evidence to issue a conclusive audit opinion,
- Reduce the number of resources used,
- Detect any errors or fraud that can occur,
- Provide assurance that the audit was performed in accordance with auditing standards.
This event is a general review of Audit Standard 2315 requirements:
- Purpose and background of AS 2315: Audit Sampling,
- Generally accepted audit sampling methods,
- Using samples for substantive audit tests of data,
- Using samples to determine the quality and reliability of internal controls,
- Using Dual-purpose sampling to perform both substantive audit tests and tests of internal controls.
This event does not get into the details and specific examples of how to properly adher to the auditing standard.
Follow the below links for further detail information:
. CPE Event Highlights
. Course Learning Objectives
. Key Issues on the Course Agenda
The following online training events have been developed by CCS to cover all the contents of PCAOB Auditing Standard 2315 and provide examples of the use of sampling and its documentation:
- PCAOB AS 2315 Overview
- PCAOB AS 2315: Substantive Testing
- PCAOB AS 2315: Internal Control Testing
The above timely two hour CPE training events are designed for the CPA firm staff members who will be working on PCAOB regulated audits.
The retail cost of this 2 CPE event is $120.00 for the first attendee from a single organization. Discounts are available for more than one attendee from each organization: (2) $230.00 (3) $325.00 (4) $410.00 (5) $510.00.
To reserve your space, click here on "SIGN-UP NOW!". You have to complete the registration form and use the corresponding "Submit Registration Form and Move to Payment Options Page" button for filing the registration and moving to the payment page.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Program Level of Understanding: Basic
Advance Preparation: Read PCAOB AS 2315: Audit Sampling
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
Upcoming Online PCAOB Auditing Standard 2315 Overview events:
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CPE Event Highlights
. What are the PCAOB Audit Standards(AS)?
. What are the advantages and disadvantages of sampling?
. What are the contents in PCAOB AS 2315?
. How does the standard differ from the International Standard on Audit Sampling?
. How should this AS effect audit planning?
. How should this AS effect audit procedures?
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Course Learning Objectives
- Attendees will understand the basics of PCAOB's Audit Standard 2315.
- Identify the basic terms and foundational concepts of audit sampling in the PCAOB audit.
- Describe various sampling methods
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Key Issues on the Course Agenda
Section 1 - Introduction
. What is the "PCAOB"?
. Learning Objectives
. Professional Tradecraft
. Tactics Behind Financial Audits
. Trade-off Between Testing of Controls and Substantive Testing
. Advantages and Disadvantages of Sampling
Section 2 - Overview of the PCAOB Standards
. Five Major Standard Areas
. General Auditing Standards
. Audit Procedures Standards
. Auditor Reporting Section
. 2300 Audit Procedures in Response to Risks
. 2315 Audit Sampling
Section 3 - Introduction to Auditing Standard 2315.01-06
. Summary of the Table of Contents
. Topics by Paragraph
. Details on the Introduction to AS 2315
. Why use sampling?
Section 4 - Uncertaingy and Audit Sampling 2315.07-14
. Details on Uncertainty and Audit Sampling
. Sampling Risk
. Non-Sampling Risks
Section 5 - Sampling For Substantive Tests of Details 2314.16-30 Overview
. What is a Substantive Procedure or Testing?
. Summary of Sampling in Substantive Tests of Details
Section 6 - Sampling in Tests of Controls 2315.31-43 Overview
. Examples of "Internal Controls"
. SOX Section 404
. What are Test of Controls?
. How are Internal Controls tested?
. Summary of Sampling in Tests of Controls
Section 7 - Going Forward and Summary
. What is Audit Sampling?
. PCAOB Inspection Reports of the "Big 12"
. Audits with Deficiencies
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