1a) Briefly discuss the advantages of using statistical sampling in auditing. 1b) Discuss three types of statistical sampling techniques.
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1a) Briefly discuss the advantages of using statistical sampling in auditing.
1b) Discuss three types of statistical sampling techniques.
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Solved in 3 steps
- 1.1.Sampling is important in an audit process. Briefly explain the value of sampling in the audit process. 1.2. Identify and explain the two types of sampling risks?Which of the following components of the audit risk model is most closely associated with attributes sampling?a. Audit risk.b. Control risk.c. Detection risk.d. Inherent risk.Subject: Auditing & Assurance Principles Differentiate the following: a) Statistical vs Non-statistical sampling b) Attribute vs Variables sampling
- Describe basic allowance for sampling risk.What is the formula for Audit Sampling?(c)Describe the factors which theauditor should consider whendetermining the size of a sample. (d) Describe to what extent statistical sampling enhances the quality of the audit evidence. (e) Explain how judgementis used in statistical and non-statistical sampling.
- Understand how to use sequential sampling,discovery sampling, and nonstatisticalsampling in attributes testing.Q5) Audit sampling is used in conjunction with many audit tests, and may be performed on a statistical or nonstatistical basis.a. Define the term audit sampling.b. List and explain two advantages of the use of statistical sampling as compared to non statistical sampling.