PCAOB Auditing Standard 2315: Audit Sampling Overview

Do you understand PCAOB Auditing Standard 2315: Audit Sampling?

Audit sampling is the application of an audit procedure to less than 100 percent of the items within an account balance or class of transactions for the purpose of evaluating some characteristic of the balance or class. PCAOB Auditing Standard 2315: Audit Sampling provides an overview of the guidance for planning, performing, and evaluating audit samples.

The purpose of audit sampling is to allow a systematic method to review less than all audit evidence while providing professionally acceptable work and minimizing costs, time, and resources. The objectives of audit sampling are as follows:
- Collect sufficient audit evidence to issue a conclusive audit opinion,
- Reduce the number of resources used,
- Detect any errors or fraud that can occur,
- Provide assurance that the audit was performed in accordance with auditing standards.

This event is a general review of Audit Standard 2315 requirements:
- Purpose and background of AS 2315: Audit Sampling,
- Generally accepted audit sampling methods,
- Using samples for substantive audit tests of data,
- Using samples to determine the quality and reliability of internal controls,
- Using Dual-purpose sampling to perform both substantive audit tests and tests of internal controls.

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