Statistical sampling-Advantages, Auditing

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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.

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