The FRC reviewed the sampling methodologies and guidance for audit sampling of the largest audit firms.  

The purpose of the thematic was to:

• Identify common practice, concerns, and good practice across the largest audit firms to drive improvement and support the FRC's monitoring of the firms’ systems of quality management.
• Share findings to educate the wider audit market, as sampling has been an area of repeated Audit Quality Review (AQR) findings for smaller firms, and
• Support Audit Committees in understanding and evaluating the approach taken by audit teams.

The review found all audit firms should:

• Ensure that they provide engagement teams with sufficient guidance and training to support their use of professional judgement in audit sampling; and
• Update their methodologies and guidance to drive better documentation of key professional judgements in this area.

A press release and the full thematic review are available on the FRC website.