What is statistical sampling?

Statistical Sampling is defined as limited number of observations selected from a population on a systematic or random basis, which (upon mathematical manipulation) yield generalizations about the population.

A method of sampling that uses the laws of probability to make objective statements about a population of interest. In a statistical sampling plan, the auditor considers the desired exposure to sampling risk in determining the appropriate sample size and evaluating the sample results. In addition, the auditor also makes every item available for selection. The primary benefit of statistical sampling is that the auditor is able to control the exposure to sampling risk.

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