# Practical Statistical Sampling for Auditors Course (Self-Paced) Canonical URL: ## Overview Equip yourself with the basic concepts of statistical sampling and confidently explain how the concepts can be applied to decision-making. Gain an appreciation of the role statistical sampling plays in auditing, inspections, and fact-finding. Through case exercises, become proficient at applying basic statistical sampling principles and procedures in the audit environment. You will use Excel statistical functions and sampling software (which you can take back to your organization for use in audits). Emphasis is placed on sample-size determination and how to appraise and present the audit results. Using Excel and sampling software, learn all the steps from problem formulation to statistical design, fieldwork, analysis, and presentation of findings. For the virtual version, students must have Excel with the Data Analysis ToolPak activated (this is included with Excel software). ## What you'll learn - Formulate the audit problem and the sampling approach to its solution, including the conduct of a pilot (test) sample. - Explain the advantages of and when to use random sampling methods such as mean-per-unit, stratified cluster difference estimation, and probability proportional to size sampling. - Choose an appropriate sample selection method. - Determine appropriate sample size. - Select a statistical sample and derive essential facts to form audit findings. - Present audit findings with reasonable assurance of their correctness. - Identify some key problems that can occur when using samples for estimation. ## Curriculum #### Module 1: Sampling Standards and Data Description - Understand AICPA audit sampling standards and terminology - Explore descriptive statistics: mean, median, mode, standard deviation, and more - Utilize Excel for descriptive statistics and frequency distributions - Identify types of variables and understand their role in audit sampling - Apply the concept of standard deviation and Z-values in audit contexts #### Module 2: Introduction to Sampling - Differentiate between when to sample and when not to - Understand benefits and principles of probability sampling - Learn types of sampling: simple, stratified, and cluster sampling - Apply planning steps for audit sampling including sample unit selection and stratification #### Module 3: Unrestricted Random Sampling - Define simple random sampling and its role in auditing - Generate random samples using Excel functions like RAND and RANDBETWEEN - Use sampling results to calculate population estimates - Practice with real-world audit scenarios involving random sampling #### Module 4: Controlling Sampling Risk - Understand types of sampling risk and how to mitigate them - Compute precision, standard error, and confidence intervals - Apply confidence statements and understand their impact on audit findings - Determine sample size based on risk and desired precision #### Module 5: Difference and Ratio Estimation - Explore difference, ratio, and mean-per-unit estimation methods - Learn their advantages, disadvantages, and statistical implications - Apply regression estimation in sampling - Solve problems involving these estimation techniques #### Module 6: Attribute Sampling Methods - Understand attribute data types and estimation methods - Use attribute estimation and discovery sampling formulas - Evaluate when to use discovery, estimation, or acceptance sampling - Assess errors and implications of different attribute sampling strategies #### Module 7: Practice Set - Apply concepts from all previous modules in guided exercises - Interpret and analyze real-world audit data #### Module 8: Summary - Review best practices and common pitfalls in audit sampling - Use visual aids and summary documents to consolidate learning - Learn to effectively report sampling results in audit documentation ## Pricing **Tuition:** $1199