Materiality and Audit Sampling

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22/07/2022 · 09:00 – 11:15

Get 2 Core CPE Hours accredited by



Audit materiality is one of the most important concepts for auditors. Misstatements, including omissions, are considered to be material if, individually or in the aggregate, they are reasonably expected to influence the economic decisions of users of the financial statements. ISA 320, Materiality in planning and performing an audit sets out the requirements for applying the concept of materiality in planning and performing audits of financial statements. This seminar will focus on how to determine materiality and performance materiality through various practical examples.

ISA 530 Audit Sampling states that the auditor’s objective when using audit sampling, is to provide a basis for the auditor to draw conclusions about the population from which the sample is selected.

Audit sampling is the use of an audit procedure on a selection of items within an account balance or class of transactions. The use of sampling is widely adopted in auditing because it offers the opportunity for the auditor to obtain the minimum amount of audit evidence, which is both sufficient and appropriate, in order to form valid conclusions on the population. Audit sampling can also reduce the risk of ‘over-auditing’ in certain areas and enables a much more efficient review of the working papers at the review stage of the audit. There are multiple forms of audit sampling, including: random sampling, systematic sampling, monetary unit sampling, haphazard selection, and block selection.

This seminar will focus on the requirements of ISA 530 Audit Sampling in particular, sampling risk and the various methods of sampling. Furthermore, the seminar will also focus on practical ways the auditor performs and documents audit sampling.

Tristan Agius


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    09:00 – 11:15


    Tristan Agius

    Type of Certificate

    2 Core CPE Hours



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