"Statistical sampling involves the random selection of a number of items for inspection and is endorsed by the accountancy bodies." In view of the above statement explain the advantages of statistical sampling.

The advantages of statistical sampling are numerous: The sample result is objective and defensible. Nearly all phases of the statistical process are based on demonstrable statistical principles. The method provides a means of advance estimation of sample size on an objective basis. The sample size is no longer determined by traditional methods of guesswork; it is determined by a statistical method. The method provides an estimate of error. When probability sampling is used, the results may be validated in terms of how far the sample projection might deviate from the value that could be obtained by a 100% check. Statistical samples may be combined and evaluated, even though accomplished by different auditors. That the entire test operation has an objective and scientific basis makes it possible for different auditors to participate independently in the same test and for the results to be combined as though accomplished by one auditor. Objective evaluation of test results are possible. Thus, all auditors performing this audit would be able to reach the same conclusion about the numerical extent of error in the population. While the impact of these errors might be interpreted differently, there can be no question as to the facts obtained, since the method of determining their frequency in the population is objective.