This course is a valuable tool for auditors, evaluators, financial analysts and others faced with sampling decisions that do not want to consider expanded theoretical or mathematical discussions of sampling.  The course represents a simplified but sufficiently detailed review of sampling techniques and issues. The course provides an overview of the elements of audit sampling. Statistical sampling has become an integral part of the auditor’s studies. The use of a designed sample to estimate rates of occurrence or to project total dollar impact with confidence and precision is explored, and appropriate formulas are presented. Methods include attribute and variable sampling, using designs involving simple random sampling, proportions-to-population size sampling, stratified random sampling and cluster random sampling.

Upon course completion, a participant will be able to:

• Describe the essential principles and methods of statistical sampling applicable to auditing;

• Apply soundness of sampling methodology;

• Apply attribute and variable sampling, stratified sampling, and compliance sampling methods;

• Evaluate sampling plans and appropriate sampling methods for achieving audit objectives;

• Explain estimation sampling; and

• Discuss the interrelationship and interdependence of statistical sampling and other audit techniques that serve as sources of reliance for audit conclusions and recommendations.

Auditors having 2 or more years of experience, basic computer skills and familiarity with Excel.

Course level:  Intermediate.