Using your example of audit sampling in the answer to R10.1, what items make up the population? What items are subject to being sampled? When the sample is complete, is the auditor drawing a conclusion about the sample or the population? Explain your reasoning.

R10.1

Assume that you are auditing inventory for a computer manufacturer with strong internal controls. Identify one assertion where the auditor is likely to use audit sampling. Explain your reasoning. Then identify another assertion where the auditor is likely to use audit data analytics. Explain your reasoning.