Audit sampling is one application of audit procedure. ISA 530 explains audit sampling asthe application of audit
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Question:
Audit sampling is one application of audit procedure. ISA 530 explains audit sampling as the application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population. Generally, samples are selected through a statistical or non-statistical approach.
Required:
1) Discuss the need for an auditor to conduct audit sampling.
2) Define the meaning of statistical sampling.
3) Describe TWO (2) types of statistical sampling
Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
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