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
This course 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.
Outline
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Planning a sample
- Population selection
- Choosing the proper sample frame
- Stratum and overall sample sizes
- Additional considerations
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Sampling fundamentals
- Statistical sampling vs. nonstatistical sampling
- Documenting
- Mistakes to avoid
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Sampling best practices
- 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
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
Ms. Cummins is assigned to the firm's National Professional Standards Group and has more than 10 years of experience in auditing and financial reporting, currently assigned to development of the firm's new audit methodology. She previously worked in the private sector as director of financial reporting at Safety-Kleen.
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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
Mr. Graham has more than 30 years of public accounting experience in audit practice and in various firm policy development groups. He previously was a member of the Auditing Standards Board and chaired the AICPA’s Audit Risk Guide Task Force, and was National Director of Audit Policy at BDO USA.
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