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Auditing

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1. Which is better, statistical sampling or nonstatistical sampling? Why?

2. Should Generally Accepted Auditing Standards prescribe specific risk levels that auditors must use? Why or why not?

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Question 1:

Which is better statistical sampling or nonstatistical sampling?

Answer:

I think it depends on what is one's objectives. What statistical sampling achieves is it gives the auditor the ability to focus his time on other areas of the audit. By taking a sample of inventory, for example, and extrapolating that sample across the entire inventory, the auditor is making an approximation that the rest of the inventory will mirror that of ...

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