Suppose the company is a big brand in Pen manufacturing industry holding more than 150 bank accounts having balance of 1000cr. What audit procedures will you adopt? Will you verify all the bank accounts or else do some sampling checks? Reason if you verify all the bank accounts?

When dealing with a company that has a large number of bank accounts and a significant balance, it may not be practical or efficient to verify each individual bank account during the audit process. In such cases, auditors often employ sampling techniques to select a representative sample of bank accounts for detailed verification. The decision…...