NAA2504. Common Sampling Challenges and Remedies

This session will be led by Lyn Graham, a former ASB member and chair of the prior Audit Sampling, Risk Assessment guides and audit Chapter of the Revenue Recognition A&A Guide. Common issues include demonstrating and documenting efficient and effective controls and substantive ample sizes, how to recognize deficient or excessive sample sizes, and when sampling is not necessary. Common confusing areas include whether sampling applies during inventory observations, and how to validly use dollar coverage in lieu of sampling.

Learning Objectives:

• 1. Demonstrate efficient sampling strategies and some impediments to efficient performance.
• 2. Illustrate how the Audit Risk Model can be used in strategy development and documenting support for your audit.
• 3. Illustrate effective vs ineffective documentation support.