Statistical sampling-Advantages, Auditing

Statistical sampling – Advantages

a) It is scientific and defensible;

b) It provides a precise mathematical statement about probabilities of being correct;

c) It is efficient as over large samples are not taken;

d) It tends to cause uniform standards among different auditing firms;

e) It can be used by lower grade staff who due to lack of experience may be lacking the necessary judgement needed by the judgement sampling.

Posted Date: 12/4/2012 5:09:59 AM | Location : United States







Related Discussions:- Statistical sampling-Advantages, Assignment Help, Ask Question on Statistical sampling-Advantages, Get Answer, Expert's Help, Statistical sampling-Advantages Discussions

Write discussion on Statistical sampling-Advantages
Your posts are moderated
Related Questions
Explain the independence between the auditor and the client on financial statement audit engagements

Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls.  We require therefore referring to

a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?

Auditors Procedures - Audit Process The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever inclu

You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w

Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi

The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now focusing on the audit of revenue from

Kevin Black, the sole owner of a small bakery, has been told that the business should have financial statements reported on by an independent auditor. Kevin Black, having some b

Problem : As per the Field Standard (INTOSAI), competent, relevant and reasonable evidence should be obtained to support the auditor judgement and conclusions regarding the org

Determinants of amount of audit evidence