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Discuss the nature of sampling risk

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Question - ?Advanced Auditing - One of the generally accepted auditing standards states that sufficient appropriate evidence is to be obtained to afford a reasonable basis for an opinion regarding the financial statements under audit. Some degree of uncertainty is implicit in the concept of "reasonable basis for an opinion" because the concept of sampling is well established in auditing practice.

Discuss the nature of sampling risk and non sampling risk. Include the effect of sampling risk on substantive tests of details and on tests of internal controls.

Reference no: EM132815574

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