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Materiality and Sampling in Audit ONDEMAND

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This event is a recorded ACCA webinar available for on demand purchase. This is not a live event. CPD points are available and resources are available on the ON24 platform. You will have access to the recording and resources through the ON24 link once registered.

 

Overview

ISA 320 and ISA 530 on Audit Materiality and Audit Sampling respectively are among two of the most problematic audit standards for smaller audit firms.

The audit work by firms using these standards regularly get a less than positive review in Monitoring Inspection reports.

Therefore in this webinar we will cover a practical approach to getting these standards right and using them proactively to make your firm’s audits more effective and at the same time be in compliance with the standards.


The topics will be covered in the following sequence

Materiality

  • How to calculate materiality
  • Different approaches to calculating materiality
  • Documenting the professional judgement used to choose the level of
  • materiality
  • Survey data from the Regulator on the methods used in the larger firms
  • Calculating and recording performance materiality
  • Using materiality to plan and direct the performance of the audit

 

Sampling

  • The different methods of sampling
  • Using statistical sampling
  • Sample sizes for tests of controls
  • Using judgemental sampling
  • Uding AR and data analytics to reduce sample sizes
  • Sampling selection using haphazard or judgement rather than random
  • sampling
  • Summarising, concluding and recording the sampling

  • Survey data from the FRC on the methods used in the larger firms
Speaker:
John McCarthy
 

John McCarthy FCA of John McCarthy Consulting Ltd.

John McCarthy is a regular speaker for the ACCA on accountancy practice matters, compliance and audit/accounting technical regulation. He frequently assists firms preparing for regulatory inspections.

He has expertise in delivery of Anti-Money Laundering (AML) training to accountants, tax experts, law firms, insurance brokers, estate agents and TCSPs.

He has given joint (AML) presentations with the Garda Economic Bureau and the Revenue Commissioners and has also organised and presented specialist courses on the Solicitors’ Accounts Regulations, insurance broker/charity accounting and audit.

He is a member of Chartered Accountants Ireland (CAI), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Irish Taxation Institute (ITI).

Event details
Sector: On Demand Events
Date: 20 November 2024
End Date: 19 November 2025
Time:Recorded event
Duration: 1.5 Hours
Venue: virtual
Capacity: 1000
CPD Units*: 2
*CPD Units are only verifiable if the event attended provides skills and/or knowledge relevant to your job or career aspirations.
Cost details
Members €69.00
Guest price €69.00
Booking details
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Futher details If you have any questions about the recording, please do not hesitate to contact us at irelandmembers@accaglobal.com. If you register and do not receive the automated link from ACCA to access the On Demand event through ON24 please contact irelandmembers@accaglobal.com.