Sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures. Sampling can be statistical or non statistical. To choose: the benefit of statistical sampling over non-statistical sampling.

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Chapter 8, Problem 8.11MCQ

To determine

Concept Introduction:

Sampling is the method of selecting few items to check from the entire population under examination. Auditors apply sampling method while performing their audit procedures.

Sampling can be statistical or non statistical.

To choose: the benefit of statistical sampling over non-statistical sampling.

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An advantage of statistical sampling over nonstatistical sampling methods is that statistical methodsa. Afford more assurance than a nonstatistical sample of equal size.b. Provide an objective basis for quantitatively evaluating sampling risk.c. Can more easily convert the sample into a dual-purpose test useful for substantive procedures.d. Eliminate the need to use judgment in determining appropriate sample sizes

For both tests of controls and substantive tests of details, non-sampling risk can be reduced by increasing sample size, while sampling risk can be reduced by proper engagement planning supervision and review. TRUE OR FALSE? WHY?

Which of the following is not an advantage of non-statistical sampling? a) It allows an auditor to select a sample that they believe is appropriate. b) It allows an auditor to measure sampling risk. c) It is lower cost than statistical sampling. d) It requires less staff training.