CAT / FIA FAU Syllabus D. Audit Evidence And Procedures - Methods of Sampling - Notes ^{3 / 4}

These are

• Random selection
  Ensures each item in a population has an equal chance of selection

• Systematic selection
  A number of sampling units in the population is divided by the sample size to give a sampling interval.

• Haphazard selection
  The auditor selects the sample without following a structured technique – the auditor would avoid any conscious bias or predictability

• Sequence or block selection
  Involves selecting a block(s) of continuous items from within a population

• Monetary Unit Sampling selection
  This selection method ensures that each individual $1 in the population has an equal chance of being selected

• Judgemental selection
  Selecting items based on the skill and judgement of the auditor

If the auditor would have reached a different conclusion if he had tested the entire population, rather than a sample, this is sampling risk.

Non Sampling Risk is the risk that the auditor comes to an incorrect conclusion for reasons other than the size of the sample used.