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Audit Sampling
Define audit sampling. Why do auditors sampel instead of examining
every transactions
Audit sampling is the application of an audit procedure to less than 100 per cent
of the items within an account balance or class of transactions for the purpose of
evaluating some characteristic of the balance or class. The justification for
accepting some uncertainty from sampling is due to the trade-off between the
cost to examint all of the data and the cost of making and incorrect decision
based on a sample of the data.
Benefits of Audit Sampling