Ron and Jayne are discussing audit sampling, and how this technique is typically used by auditors as part of an attestation engagement. Jayne is a recent addition to Martin CPA Firm and mentions to Ron that if auditors are concerned with misstatements and potential litigation stemming from misstatements, they should just audit the population instead. Which of the following responses by Ron would best address Jayne's statement?

Generally accepted auditing standards prescribe strict rules on the percentage of a population the external auditor should examine. For example, a publicly traded company can expect to have around seventy five percent of its accounts tested as part of a normal sample.

Auditing the population of a client's accounts is typically performed by the internal auditors, as they are employed by the client permanently. The external auditor's job is thus to just examine exceptions noted by the internal auditors.

Auditors routinely employ both statistical and nonstatistical audit sampling techniques as part of an audit. Testing the population of a client's transactions and balances in cases where ADA cannot be used would be too time and cost prohibitive.

Auditors would like to be able to analyze entire populations of clients' accounts, but statistical theory indicates that a sample of $5-10\%$ of the population provides the same results, hence there is no need.