ASA 530 - Audit Sampling and Other Means of Testing - April 2006
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Sample Size
45 In determining the sample size, the auditor shall consider whether sampling risk is reduced to an acceptably low level.
46 Sample size is affected by the level of sampling risk that the auditor is willing to accept. The lower the risk the auditor is willing to accept, the greater the sample size will need to be.
47 The sample size can be determined by the application of a statistically-based formula or through the exercise of professional judgement objectively applied to the circumstances. Appendices 1 and 2 indicate the influences that various factors typically have on the determination of sample size, and hence the level of sampling risk.