Chapter 9, Audit Sampling, answer the following questions, in a detailed, substantive manner.

Q1.Describe sampling risk

i. Discuss sampling risk associated with performing tests of controls

ii. Discuss sampling risk associated with performing substantive tests.

Iii. Explain which risks (for both tests of controls and substantive tests) is of greatest concern to auditors, and why that is the case.

Q2. Describe the various methods used to select a random sample.

i. Describe the other methods of sample selection that are commonly used.

Q3.Describe the two types of sampling plans that we emphasized in class (i.e., Attributes sampling and Variables sampling)

i. What types of audit procedures are these sampling plans commonly used for?

Ii. Outline the steps involved in implementing these sampling plans, along with a brief description of what these steps involve.