1.Auditor's examination of financial statements consists largely of testing and sampling as opposed to detailed complete reviews.

a.Why do auditors relay upon sampling and testing? [3 Pts]

b.Delineate the difference between sampling and non-sampling risk. [2 Pts]

2.Explain the relationship between materiality and audit evidence collection[5 Pts]

3.The purpose of all auditing procedure is to gather sufficient and competent evidence for an auditor to form an opinion on an entity's financial statements taken as a whole.

Required: Identify and describe the auditing procedures used most commonly in audit practice