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Why do auditors relay upon sampling and testing

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Reference no: EM132607439

Question -

1. Auditor's examination of financial statements consists largely of testing and sampling as opposed to detailed complete reviews.

a. Why do auditors relay upon sampling and testing?

b. Delineate the difference between sampling and non-sampling risk.

2. Explain the relationship between materiality and audit evidence collection.

3. The purpose of all auditing procedure is to gather sufficient and competent evidence for an auditor to form an opinion on an entity's financial statements taken as a whole.

Required: Identify and describe the auditing procedures used most commonly in audit practice.

Reference no: EM132607439

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