The term sampling means selecting a sub-set of a population to serve as a basis for making estimates or testing hypotheses about the whole population. Sampling is used everywhere, in all countries and nearly every field, from business and finance to defense, education, economics, and demographics.

QUESTIONS:

Most, if not all audits involve some form of sampling. It's important for us as an auditor to make sure that we don't take the randomness out of the sample when it shouldn't be. Should sampling be systematic or rely on professional judgment?

Professional judgment is important for auditing. However, do you believe that it should be completely systematic to hedge against the risk of allowing for selection bias when it comes to sampling?

Selection bias can affect audit quality which is what we are trying to avoid. By implementing a specific system to carry out the sampling process and eliminate, to some degree, professional judgment would you be able to fully eliminate selection bias? Would it impact audit quality?

The answer is at least half a page, please. Thanks!!!