Audit Sampling

Question 1

Meaning of Audit Sampling

Answer 1

Audit Sampling is a technique used by auditors to select a subset from a large population for the purpose of evaluating and drawing conclusion for the entire population

Question 2

Factors for designing the Audit Sampling

Answer 2

A) Audit objective
B) Population Characteristics
C) Risk of Material mistatement
D) Tolerable mistatement
E) Expected mistatement
F) Confidence level
G) Samplings method
H) Statification
I) Sampling Unit
J) Audit evidence requirement