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Tip 3: Leverage sampling for tests of details

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Learn how to leverage sampling in MindBridge for audit plans.

Note: The video above uses terms that may be out of date. Refer to How MindBridge generates samples.

How does this add value to your audit? 

Stronger sampling

You can use MindBridge to generate risk stratified journal entry sample selections. This can be useful for substantive testing of certain balances or classes of transactions, as a mechanism for sample selection that focuses on potentially anomalous entries in the ledger as opposed to a purely random sample.

Improved audit planning

Generate an Audit Plan into Excel with one click, seeded with the relevant transactional data. This forms the basis for your working paper to document the results of your substantive testing and verification, saving you manual work!

Tip: The “Reversed” control point can be used to identify whether any transactions initially selected for sampling were subsequently reversed and is, therefore, a false positive and required to be replaced. This avoids unnecessary back-and-forth with clients.

Balances and classes of transactions where MindBridge's sampling methods are effective:

  • Occurrence and accuracy of operating expenses
  • Existence and valuation of fixed asset addition existence and valuation of inventory purchases

Anything else on your mind? Chat with us or submit a request for further assistance.

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