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Audit Sampling (Steps in Sampling Process (Select the Sample and Perform…
Audit Sampling
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What is audit sampling?
Audit sampling is the application of an audit procedure to less than
100% of the items within an account balance or class of transactions
Sampling allows an auditor to draw conclusions about transactions or balances
without incurring the time and cost of examining every transaction
When is it used?
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Sampling may also be used if records are missing or other
circumstances make reviewing all of the records difficult
Representative Sample
one in which the characteristics in the sample of audit interest
are approximately the same as those of the population
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Statistical Sampling
provides a means of mathematically evaluating the outcome of the sampling plan by applying the laws of probability to measure the likelihood that sample results are representative of the population
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Non-Statistical Sampling
In non-statistical sampling, the auditor does not quantify sampling risk. Instead, those sample items that the auditor believes will provide the most useful information are selected