Provide your answers to the following questions regarding sampling:

1. Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in test of control activities.

2. Discuss a situation within Payroll or Accounts Payable where data analytics could be used by an internal Auditor. Briefly describe the information to be analyzed and what potential results would be expected?

a.How would the population of data be defined?

b.What controls is being tested?

c.What additional testing beyond data analytics, if any, would be required to reach an audit conclusion?