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Statistical Sampling for Internal Auditors

Course Description

Print-friendly Course Description and Outline

​This course provides the opportunity to learn about the strategies and pitfalls regarding data collection facing auditors, as well as answers to some commonly asked questions.

The course includes different methods of random sampling (simple, stratified, dollar unit, stop/go) and non random sampling (quota, judgmental); explains how to calculate sample size and adjust for population size and resource constraints; and examines the concept of strategic sampling to get the most information for minimum cost, including how to combine results and extrapolate, and what to report.

The course, which is appropriate for audit executives, audit manager, and auditors in both public and private sectors, provides time for participants to raise issues and concerns they are currently facing in today’s environment and to apply what they have learned to audits currently underway, particularly typical challenges faced by auditors in sample selection, data interpretation, generalization, and representativeness.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Intermediate
Field of Study: Statistics
Prerequisites: 

​None

Advance Preparation: 

​Bring an audit that you are currently working on that is in the planning stages, and bring a calculator.

Delivery Format: eLearning (Group-Internet-Based); On-site Training (Group-Live); Seminar (Group-Live)

​Introduction to Statistics

  • Summarize introductory terminology and methodology related to statistical sampling
  • Differentiate between descriptive and inferential statistics
  • Distinguish between a population and a sample
  • Contrast a sample with a population census
  • Explain how sample method relates to sample size

Random Sampling

  • Employ random sampling techniques
  • Identify types of random sampling
  • Discuss the randomness assumption
  • Conduct a simple random sample
  • Contrast various stratified random sample designs
  • Choose appropriate start points and skip intervals for dollar unit sampling

Non-Random Sampling

  • Identify non-random sampling techniques
  • Describe the use of quota sampling
  • Describe the use of judgmental sampling

Calculating Sample Size

  • Apply the binomial equation formula to calculate sample size
  • Explain the importance of expected error rate in working papers
  • Calculate sample size using the binomial equation
  • List six sources for expected error rate
  • Discuss risks of large samples in pilot studies

Adjustments

  • Employ methods for adjusting sample size
  • Calculate adjustments for sample size
  • Describe how population size affects adjustment impact
  • Explain adjustments for resource constraints
  • Recalculate precision intervals
  • Describe steps for finalizing sample size for audit
  • Describe bias and ethical considerations for testing hypotheses

Combining Results

  • Practice combining results, given a scenario
  • Calculate combined error rate
  • Calculate combined dollars at risk
  • Combine judgmental data with combined error rate and dollars at risk

Reporting

  • Describe elements within the report
  • Explain the purpose of a mock report
  • Describe what can and cannot be included in the report
  • Describe the use of the statistical probability statement in the report
  • Contrast statistical significance and audit opinion

Strategic Sampling

  • Track key information at a high level throughout the planning phase
  • Balance the statistical design and the non statistical activities to minimize cost
  • Allocate resources to the total audit plan

​Most courses can be delivered through on-site training. You might be surprised that the organization leading the profession is just as committed to the delivery of affordable training.

Contact us by calling +1-407-937-1388 or send an e-mail to GetTraining@theiia.org.

LocationsDates
Micro Tek Dallas
Dallas, TX
Details and pricing
May 22-23,
2014
eLearning
eSeminar
Details and pricing
August 11-14,
2014
eLearning
eSeminar
Details and pricing
November 4-7,
2014
Micro Tek Training Facility- San Francisco, CA (New location)
San Francisco, CA
Details and pricing
November 20-21,
2014