Sampling Strategies for Circular A-133 Audits: Ensuring Compliance and Internal Controls

Selecting a Methodology, Developing an Audit Sampling Plan, and Understanding Deviations and Exceptions Analysis

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, January 16, 2014

Recorded event now available

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Program Materials

This webinar will prepare Single Audit auditors to understand sampling concepts applicable to an audit conducted under OMB Circular A-133 and help you apply these concepts to the compliance audit component.

Description

It isn't enough for practitioners to understand that sampling may involve statistical or non-statistical sampling. Professionals handling Circular A-133 audits of non-profit organizations need to fully understand the complicated nature of sampling for single audits. The complexity is compounded by the rigorous Circular A-133 audit environment.

You will get answers and alternate solutions to key sampling questions: the correct sample size for a particular A-133 audit, the proper amount of testing to support an opinion on compliance, and the A-133 standard to plan the audit to support a low assessed level of control risk, just to name a few.

Our panel will share their experiences and offer best practices in performing complicated sampling in a single audit environment. You will hone your knowledge through the panel's real world examples on how your decisions and judgments impact the auditor’s sampling approach.

Listen as our panel of accounting veterans experienced in developing and implementing sampling strategies offers you best practices to use on Circular A-133 audits. You will have a better understanding of techniques for planning and performing audit sampling procedures for single audits.

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Outline

  1. Planning a sample
    1. Population selection
    2. Choosing the proper sample frame
    3. Stratum and overall sample sizes
    4. Additional considerations
  2. Sampling fundamentals
    1. Statistical sampling vs. nonstatistical sampling
    2. Documenting
    3. Mistakes to avoid
  3. Sampling best practices
    1. When sampling goes badly

Benefits

The panel will review these and other key questions:

  • Sampling concepts applicable to an OMB Circular A-133 compliance audit.
  • How the compliance sampling guidance differs from the financial audit sampling guidance that is used in Single Audits.
  • Can samples be designed to meet more than one purpose (dual-purpose testing)?.
  • Considerations when documenting audit sampling tests of controls over compliance and substantive tests of compliance.
  • Defining the population and the sampling unit and how the auditor considered the completeness of the population.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Collette Cummins, CPA
Collette Cummins, CPA

Managing Director, Auditing Methodologies
Grant Thornton

Ms. Cummins is assigned to the firm's National Professional Standards Group and has more than 10 years of...  |  Read More

Lynford Graham
Lynford Graham

CPA, Ph.D., CFE
Bentley University

Mr. Graham has more than 30 years of public accounting experience in audit practice and in various firm policy...  |  Read More

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