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Audit Sampling: Audit sampling is a technique used by auditors to select a subset...

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Accounting

Audit Sampling:
Audit sampling is a technique used by auditors to select a subset of data from a larger population for testing purposes. It is impractical for auditors to examine every transaction or item within a population due to time and cost constraints. Instead, auditors use sampling to obtain sufficient and appropriate audit evidence to support their conclusions about the population as a whole. Audit sampling can be performed using either statistical or non-statistical methods, depending on factors such as the nature of the audit engagement, the characteristics of the population, and the auditor's professional judgment.
Objective Type Question:
Which of the following best describes audit sampling?
A) The process of examining every transaction within a population
B) A technique used by auditors to select a subset of data from a larger population for testing purposes
C) The final audit opinion rendered by auditors
D) The detailed testing of transactions conducted by auditors
Choose the correct option that defines audit sampling.
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