Lesson: Sample Selection

In this lesson, the importance of selecting a representative sample in an audit is discussed, emphasizing the need for efficiency and accuracy in the sampling process. The lesson covers different methods of selecting samples, such as haphazard selection and random-based selection. It also highlights the relationship between population and sample size, stressing that population size does not have a direct impact on sample size unless the population is very small. Factors that influence sample size determination, such as desired level of accuracy and precision, population size, and cost considerations, are explored. Throughout the lesson, Nick Palazzolo emphasizes the significance of proper sample selection in auditing.