The public have a very strong perception towards auditors. There has been instances where Fraud wasn't caught by Auditors.

A misconception is the idea that any error eventually uncovered concerning a transaction should have been caught by the auditors. This may, or may not be the case. The defining factor is determing whether that specific transaction was selected.

Discuss the impact sampling has on an auditor's conclusion. Consider testing a specific account balance, and whether or not auditors select 100% of the population all the time, or not. Consider the auditor's opinion, and how sampling plays a critical role in the auditor's approach and in their ability to opine on a set of financial statements.