Question: How do we reduce sampling risk? How about non-sampling risk? What are the benefits and limitations associated with random sampling? ISA 530 recognises that sampling

  1. How do we reduce sampling risk? How about non-sampling risk?
  2. What are the benefits and limitations associated with random sampling?
  3. ISA 530 recognises that sampling risk can lead to two types of erroneous conclusion. Explain in details.

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