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Populations and Sampling in Auditing

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What is the importance of defining the population when performing audit procedures? How will this affect the sample size? How will incorrectly defining the population affect the sampling unit?

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Solution Summary

A discussion on how defining a population affects the sample size and how an incorrect definition can have problems with sampling.

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The population is the group most important in any audit or research. Defining this group too narrowly will not give the best overall picture of those items most directly involved in the audit. Too broad a population will dilute the group.

Populations must be defined to know and understand exactly who and what are being studied. All females are too broad a group if one is trying to ensure understanding the amount of money invested in the home improvement industry. An auditor might find that 130 million women skew the outcomes when only 400 ...

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