Audit sampling doesn't have to be intimidating. Meredith Mednick, CPA, CA breaks it down into plain language - when it applies, statistical versus non-statistical methods, sample sizing and selection, and evaluating your results. Grounded in a running client scenario, this episode is built for auditors who want to understand the standard, not just survive it.
- (00:00) - Busy Season Panic
(02:28) - What Sampling Is(04:37) - When Sampling Applies(05:58) - Meet Maple Ridge(06:50) - Statistical vs Judgmental(10:08) - How to Select Items(13:16) - How Big a Sample(16:50) - Midpoint Recap(18:10) - Execute the Sample(20:53) - Evaluate Misstatements(23:54) - Sampling Risk Explained(25:55) - Document It Right(27:58) - Impact on Audit Opinion(29:22) - Key Takeaways(31:24) - Where to Learn More(32:20) - Wrap Up and CPE
Connect with MeredithLinkedIn: https://www.linkedin.com/in/meredithmednick/
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