Define sampling. Discuss the different methods of sampling.

Sampling is a process used in statistical analysis in which a predetermined number of observations are taken from a larger population. The methodology used to sample from a larger population depends on the type of analysis being performed, but it may include simple random sampling or systematic sampling. A Certified Public Accountant (CPA) performing a financial audit uses sampling to determine the accuracy and completeness of account balances in the financial statements. Sampling performed by an auditor is referred to as "audit sampling." It is necessary to perform audit sampling when the population, in this case account transaction information, is large. Additionally, managers within a company may use customer sampling to assess the demand for new products or the success of marketing efforts.

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