![]() ![]() Monetary unit sample is a value-weighted sampling that each dollar in a population has an equal chance to be selected. Random sampling ensures that all items within a population stand an equal chance of selection. The two most commonly used statistical sampling methods are random sampling method and monetary unit sampling method. Therefore a statistical sampling method would be considered as more reliable and objective in supporting auditor’s conclusion than a non-statistical sampling method. Non-statistical sampling (even a perfectly designed) does not have such characteristic. In some circumstances, statistical sampling is more appropriate, since it can be measured and controlled. Both sampling approaches require the exercise of auditor judgment during the planning, implementation and evaluation of the sampling. ![]() There are generally two sampling approaches: statistical sampling and non-statistical sampling (e.g. ![]() The reason to use sampling is because testing of 100% of population, although would provide most assurance, sometimes it would be impossible to perform, or the cost of testing would likely exceed the expected benefit. Sampling when used in an audit is to provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected.
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