What indicates a successful statistical sample in auditing?

A successful statistical sample in auditing is indicated by precision and an acceptable level of sampling error. This means that the sample selected should be representative of the entire population being studied, and the conclusions drawn from that sample can be relied upon to accurately reflect the entirety.

Precision refers to how close the sample estimates are to the true population values, while an acceptable level of sampling error indicates that the auditor can be confident in the reliability of the results. When both precision and this level of error are maintained, auditors can draw informed conclusions and make decisions based on the sample that accurately mirror the characteristics of the broader population.

High volume of selected items may seem beneficial, but it does not guarantee precision or reduce sampling error. Meanwhile, convenience in the selection process does not ensure that the sample is representative, as it may lead to bias. Lastly, accessibility of historical data, while useful for context, does not directly correlate with the effectiveness of the statistical sample itself in terms of precision and sampling error. Therefore, the focus on the quality of the data and the rigor of the sampling method distinguishes a successful statistical sample in auditing.