There are two main methods of audit sampling: statistical sampling and non-statistical sampling
Statistical sampling involves using probability theory to select a sample representative
Non-statistical sampling, on the other hand, involves using auditor judgment to select a sample representative of the population
Some auditors adopt a rule of thumb of testing a sample size of around 10% of the population for populations between 52 and 250 items, although the size is subject to professional judgment, which would incorporate specific engagement risk assessment concerns
What is population in audit sampling?
Audit sampling is also widely known to reduce the risk of ‘over-auditing’ in certain areas, and enables a much more efficient review of the working papers at the review stage of the audit
In devising their samples, auditors must ensure that the sample selected is representative of the population
