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The decision whether to use a statistical or non-statistical sampling approach is a matter for the auditor’s judgement, however, sample size is not a valid criterion to distinguish between statistical and non-statistical …
The level of sampling risk that the auditor is willing to accept affects the sample size required. The lower the risk the auditor is willing to accept, the greater the sample size will need to …
The sample size can be determined by the application of a statistically-based formula or through the exercise of professional judgement. Appendices 2 and 3 indicate the influences that various factors typically have on the determination of sample size. …
With statistical sampling, sample items are selected in a way that each sampling unit has a known probability of being selected. With non-statistical sampling, judgement is used to select sample items. Because the purpose of sampling is to provide a …
Analytical procedures can be performed using a number of tools or techniques, which may be automated. Applying automated analytical procedures to the data may be referred to as data analytics. Example: The auditor may use a spreadsheet to perform a …
The principal methods of selecting samples are the use of random selection, systematic selection and haphazard selection. Each of these methods is discussed in Appendix 4 …
An example of when the auditor is unable to apply the designed audit procedures to a selected item is when documentation relating to that item has been …