Learn how to leverage sampling in MindBridge for audit plans.
How does this add value to your audit?
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!
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