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Discuss the need for an auditor to conduct audit sampling

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Question - Audit sampling is one application of audit procedure. ISA 530 explains audit sampling as the application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population. Generally, samples are selected through a statistical or non-statistical approach.

Required -

Discuss the need for an auditor to conduct audit sampling.

Define the meaning of statistical sampling.

Describe TWO (2) types of statistical sampling.

Reference no: EM133168475

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