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Audit sampling (When it is used (generally used in field audits when it is…
Audit sampling
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Sampling risk
risk that an auditor reaches an incorrect conclusion because the sample is not representative of the population.
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Definition
application of an audit procedure (test of control or substantive testing) to less than 100% of the items within an account balance or class of transactions for the purpose of drawing a general conclusion about the account balance or the entire group of transactions based on the characteristics detected in the sample.
Statistical sampling
applies the laws of probability theory to assist the auditor in designing a sampling plan and subsequently evaluating the results of the sample
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