A common practice in attestation engagements is auditors selecting samples for review and testing. Why do auditors select samples and not simply perform tests on the entire population which would increase the level of assurance that could be provided?

Auditors test samples as opposed to the entire population because testing the entire population would be cost prohibitive and too time consuming.

Auditors select samples for testing, because the testing of an entire population is unnecessary due to the statistical methods performed as part of sampling.

Auditors are required by generally accepted auditing standards to only test up to twenty percent of any given population, thus sampling is required.

None of the choices is correct.