Question

Explain and give an example for sample selection methods commonly associated with statistical audit sampling.

Answer 1

hello!

_____

↪Why do auditors use audit sampling to determine material misstatements in financial statements?

↪Why not just test every single item and every transaction?

↪ Many people often think that auditing every single transaction is ideal but that is actually not the case.

↪Sampling can be defined as the process of examining only part of a set of data population.

↪ sufficient to gain reasonable assurance regarding the entire data/population.

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