In short
Common sample selection methods are random selection, where every item has an equal chance, systematic selection, every nth item after a random start, and haphazard selection, picking without conscious bias.
Key takeaways
- Haphazard selection can't be used for statistical sampling.
- Block selection of a group of items in a row is rarely appropriate for audit sampling.
- Monetary unit sampling selects items in proportion to their dollar size.
Where it's tested
AUD: Audit Sampling — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
In a test of controls, the tolerable deviation rate is 5% and the computed upper deviation rate based on the sample is 6.2%. What should the auditor conclude?