Statistical sampling - advantages, Auditing

Statistical sampling - Advantages

A. It is defensible and scientific;

B. It gives a precise mathematical statement for probabilities of to be correct;

C.  It is efficient over large samples are not in use;

D. It tends to source uniform standards among different auditing firms;

E. It can be used through lower grade staff who due to lack of experience may be lacking the necessary judgment required through the judgment sampling.

Posted Date: 1/24/2013 7:50:26 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
(a) Define each of the following four concepts. -Master Data Management -Data Quality -Data Governance -Cloud Computing Explain how they relate to the various Busine

Classification of Management Representations The thing to note is which during the course of the audit the auditor obtains various representations from the management which ca

The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basi

An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran

Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity

problems associated with intangible asset audit

The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe

Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul

Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values

IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for