Audit sampling

Audit sampling applies audit procedures to less than all items in a population of audit relevance, with every sampling unit having a chance of selection. It provides a basis for the auditor to draw conclusions about the population. The auditor designs the sample, performs procedures and evaluates deviations or misstatements. The auditor defines the objective and relevant population, chooses a suitable method and evaluates exceptions in context. Statistical and non-statistical approaches are possible. Sampling risk arises because the conclusion from a sample may differ from the conclusion if the whole population were tested.