Lesson: Statistical and Non-Statistical Sampling Approaches

In this lesson, the two main approaches to audit sampling, statistical and non-statistical, are discussed in depth. The differences between these approaches are outlined, noting that both require the use of professional judgment. The advantages and disadvantages of each approach are also covered. For instance, statistical sampling relies on mathematical formulas for a representative sample but can be time-consuming and expensive, while non-statistical sampling is subject to bias and may be used for smaller populations or limited timeframes. The lesson also provides examples of when to use each approach to achieve different objectives, such as gaining insight into aspects of the population or focusing on a particular subgroup or segment.