<p><span style="color: #333333; font-family: 'Open Sans', sans-serif; font-size: 14px; background-color: #ffffff;">Define the following terms: audit sampling, population, population unit, and sample.</span></p>

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audit sampling, population, population unit, and sample

Define the following terms: audit sampling, population, population unit, and sample.

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Audit sampling is the examination of less than 100% of a population (usually of account balances such as accounts receivables, payables). Sampling is synonymous with testing. A population is the set of all the elements that constitute an account balance or class of transactions. Each of the elements is a population unit; and when an auditor selects a sample, each element is called a sampling unit. A sample is a set of sampling units.

Raffay answered 1 year ago

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