ISA 530 Audit Sampling states that the objective of the auditor, when using audit sampling, is to provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected.
Required:
Explain the difference between statistical sampling and non-statistical sampling. (5 marks)
View Solution
Statistical sampling: – is any approach to sampling that involves random selection of a sample, and the use of probability theory to evaluate sample results, including measurement of sampling risk.
Non-statistical sampling: – is where the auditor does not use statistical methods and draws a judgmental opinion about the population.