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Judgmental Sampling
The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with no use of any mathematical or statistical equipments. Statistical sampling is the drawing of inferences around a large volume of data by an inspection of a sample using statistical techniques in its selection.The benefits of judgment sampling:
Its disadvantages are:
Judgement sampling is yet the preferred technique by the majority of auditors and this is defended on the grounds which the auditor is weighing numerous pieces of evidence and is investigating many things at similar time that the entire procedure is too complex to be reduced to easy formulas.
procedures for verifying a fixed assets
What is the meaning of it?
Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a)
Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C. It is efficien
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five
Is an audit 100% guarantee?
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
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