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Do believe statistical methods are more favorable

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A very experienced auditor takes a new auditor, fresh out of State U, out to lunch and remarks:

"Statistical sampling is fine, but I believe the best audit techniques are based on non-statistical samples and audit issues that are spotted through observation. This is something you only get through experience."

Question 1: Comment on the experienced auditors observations. Are they valid? Why or why not?

Question 2: Do you believe statistical methods are more favorable compared to non-statistical samples. Why?

Reference no: EM132580343

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