CPE Credits: 8
Description: This course covers the basic theory of statistical and non-statistical sampling and how those tools are used by internal auditors. It utilizes the self-study course Sampling for Internal Auditors – 2nd Edition, published by The IIA. (Separate purchase of self-study course from The IIA is required for each participant.)
Audience: Auditors that perform audit tests and want to understand and quantify the risks associated with reviewing only a portion of the transactions in a universe.
Prerequisites: No advance preparation or prerequisites are necessary for this course. The program level is basic. The delivery method is Group-Live and 8 CPE hours in the Auditing field of study are available.
Objectives:
Understand the need for sampling
Understand basic probability theory
Improve skills in developing and interpreting statistical samples in audits
Course Outline:
Why we sample
Basic probability theory
What the Standards say
Non-statistical sampling – judgmental, systematic, and haphazard sampling
Statistical sampling – attributes, dollar value and dollar unit sampling
Course Post-work:
For an additional 20 CPE hours of credit, participants will need to complete the requirements, including final exam, outlined in the self-study course. That process will be discussed in the day, but not completed during the course.
Course Leader:
Larry Hubbard is a professional trainer and consultant with a broad background in accounting, auditing, and finance. Prior to founding Larry Hubbard & Associates, Larry’s work experience included Mobil Corporation and Ernst & Young. More information is at: www.LHubbard.com