NECESSITY OF AUDIT SAMPLING IN THE AUDIT OF FINANCIAL STATEMENTS. NON-STATISTICAL SAMPLING VERSUS STATISTICAL SAMPLING

To be necessary means to be useful, indispensable for a particular purpose. To what extent is the sampling method necessary in the audit of financial statements? This paper aims to answer the question, why is sampling important, following the advantages and disadvantages of the two known sampling methods: statistical sampling and non-statistical sampling. Using sampling saves time and effort for the team of auditors. Reduced costs for the auditors and for the audited entity, resulting from the use of procedures only for the selected units, is another advantage of using this technique. The auditors should use their professional judgment to assess audit risk and to establish appropriate procedures for accountsbalances and class of transactions tested. Sampling should be used in order to give a correct opinion of the financial statements.