Question: One of the generally accepted auditing standards states that sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmation to afford a reasonable basis for an opinion regarding the financial statements under examination. Some degree of uncertainty is implicit in the concept of "a reasonable basis for an opinion," because the concept of sampling is well established in auditing practice.
Required:
Q1. Explain the auditor's justification for accepting the uncertainties that are inherent in the sampling process.
Q2. Discuss the uncertainties that collectively embody the concept of audit risk.
Q3. Discuss the nature of sampling risk and non-sampling risk. Include the effect of sampling risk on tests of controls in the auditor's study and evaluation of the internal control structure.
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