Question: Auditors use both statistical and nonstatistical sampling methods when selecting test transactions. Explain when you would use each method and describe the impact of the

Auditors use both statistical and nonstatistical sampling methods when selecting test transactions.

  1. Explain when you would use each method and describe the impact of the significant events or transactions on the financial statements. Describe the challenge of using nonstatistical sampling methods.
  2. Conduct research to find a relevant business scenario in which there have been challenges to audit results based on sampling methods and share your results.

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