PCAOB AS 2315: Audit Sampling for Substantive Testing

Based on the relevant professional literature and PCAOB Auditing Standards:

• What is substantive testing?

• Properly addressing "Audit Sampling" in substantive testing.

• What audit deficiencies have PCAOB Inspection Reports covered?

• What is a Substantive Procedure of Testing?

• Risk of Incorrect Acceptance within Substantive Testing.

Attendees will:

• Understand the basics of PCAOB's Audit Standard 2315.

• Understand the PCAOB viewpoint on using sampling in substantive testing.

• Understand the details pf PCAOB's Audit Standard 2315 concerning Substantive Testing.

Section 1 - Introduction

• Summary of PCAOB AS 2315

• The Trade-off for Financial Audits

• Advantage and Disadvantages of Sampling

Section 2 - Issues within 2019 Inspection Reports

• Observations by PCAOB Auditing Standard

• The Top Eight Issues

• Examples from the "Big Twelve" Inspection Reports

Section 3 - Sampling for Substantive Test of Details

• AS 2300 Audit Procedures in Response to Risks

• AS 2315 - Table of Contents

• Sampling in Substantive Tests of Details

Section 4 - Appendix to Audit Sampling 2315

• Factors Influencing Sample Sizes

• Auditor's Subjective Assessment of Control Risk.

Section 5 - Going Forward and Summary

• Sampling in Substantive Tests of Details

This CPE training event focused on PCAOB Auditing Standard 2315 presents a comprehensive exploration of audit sampling specifically tailored for substantive testing, offering professionals an in-depth understanding of this critical aspect of the auditing process. Through this engaging session, attendees gain valuable insights into the methodologies, considerations, and best practices associated with audit sampling for substantive testing, empowering them to conduct rigorous and effective procedures aligned with regulatory standards and industry best practices.

The event delves into the fundamental principles outlined in Auditing Standard 2315, emphasizing the significance of audit sampling in evaluating the accuracy and reliability of specific account balances and transactions. Attendees can expect to acquire practical skills for planning, performing, and evaluating audit samples within the context of substantive testing, ensuring that they are well-prepared to navigate the complexities of this essential phase of the audit process.

By attending this event, professionals have the opportunity to deepen their proficiency in applying audit sampling techniques to assess specific account balances and transactions, fostering a true understanding of the nuanced strategies essential for upholding accuracy and integrity in substantive testing. The session serves as a pivotal resource for individuals seeking to fortify their knowledge in this area, ultimately contributing to the delivery of high-quality audit services.

After attending the CPE event on PCAOB AS 2315: Audit Sampling for Substantive Testing, expanding your knowledge with authoritative sources is essential. Here are some reliable sources along with their web links:

• Public Company Accounting Oversight Board (PCAOB) Official Website
  • The PCAOB's official website offers comprehensive insights into audit sampling, providing detailed guidance and resources related to the application of audit procedures to assess less than 100 percent of items within an account balance or class of transactions.
• PwC Viewpoint
  • PwC's Viewpoint platform provides in-depth information on PCAOB AS 2315, offering an overview and guidance for planning, performing, and evaluating audit samples, which can further enhance your understanding of internal controls testing.

By referring to these authoritative sources, you can deepen your understanding of audit sampling