Sampling Strategies in Financial Statement Audits: Updated Guidance

Mastering AICPA Standards and Latest Sampling and Risk Guides to Devise a Sampling Methodology

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

Conducted on Thursday, July 20, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will prepare audit specialists to select appropriate sampling techniques for financial statement audits. The panel will explain the rationale for and technical terms of generally accepted standards for sampling methodologies, based on AICPA accounting standards and guides and on professional practices.


External auditors these days must stay up to date on sampling methodologies, as applied to examinations of clients’ internal controls or substantive details during financial statement audits. Several recent developments that directly affect sampling practices merit practitioners’ attention and study.

For example, within the AICPA recodification of standards, a new “performance materiality” concept was added to the new AU-C Section 320, and the “isolated exception” warning was dropped from SAS 107. Our webinar will provide a review of the AICPA’s updated guide on assessing risk in audits and any revisions on sampling keyed to the requirements in the new codification.

Best practices and insights from an experienced professional augment technical guidance when it comes to planning a sampling strategy, quantifying a right-sized sample under a given set of client circumstances, achieving the required level of evidence, and deciding what to do with sample results or errors.

Listen as our financial audit veterans lay out the framework to improve your use of sampling methodologies for financial statement audits.



  1. Impact of AICPA standards codification
    1. How new “performance materiality” concept affects documentation and sampling
    2. Responding to absence of “isolated exception” references
    3. Terminology changes
  2. Review of new AICPA sampling, risk assessment guides
  3. The audit risk model and its applicability
  4. Current sampling priorities and best practices
  5. Frequently faced issues


The panel will review these and other key issues:

  • Understanding implications for audit sampling in the AICPA recodification of auditing standards
  • Developing best practices from the new AICPA sampling and risk assessment guides
  • Creating a well-planned sampling approach that follows the audit risk model
  • Identifying the proper size of a sample needed for a substantive details test or for an examination of internal controls
  • Extrapolating small and large errors to the sample population


Reyhl, Duane
Duane Reyhl, CPA, CGMA

Andrews Hooper Pavlik

Mr. Reyhl has 35 years of auditing and financial reporting experience, including six years as the technical director...  |  Read More

Gregory H. Soule, CPA, CISA, CISSP, CFE
Gregory H. Soule, CPA, CISA, CISSP, CFE
Senior Manager
Andrews Hooper Pavlik

Mr. Soule has a broad public accounting background which includes financial statement audits, operational and internal...  |  Read More

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