This session will focus on the important considerations when setting materiality and applying sampling techniques. These areas often involve judgement on the part of the auditor and are therefore often challenging. Topics covered will include: 

• Setting materiality and performance materiality – thresholds and percentages
• Key materiality documentation requirements
• Different approaches to sampling
• Setting and deviating from sample sizes – key do’s and don’ts
• How to take credit for alternative procedures when performing tests of detail
• Assessing the impact of ‘hard’ and ‘soft’ errors when performing and completing an audit