Final answer:
Sampling in the context of auditing and statistics involves selecting a subset of a population to represent the entire population and is dependent on the method and randomness of the selection for accurate representation.
Step-by-step explanation:
The process described in the question refers to sampling in auditing and statistics, a method widely used when it's impractical or impossible to examine an entire population due to time or cost constraints. The purpose of sampling is to select a subset of a larger population that is expected to be representative of a particular characteristic of the population being studied. The success of a sample in representing the population is dependent on the randomness of the selection process and the size of the sample.
Common sampling methods include simple random sampling, where each member of the population has an equal chance of being selected; systematic sampling, where a starting point is randomly selected and subsequent individuals are chosen at regular intervals; stratified sampling, which divides the population into groups based on specific characteristics and then randomly selects from those groups; and cluster sampling, where the population is divided into clusters, such as geographical locations, and a random sample is drawn from these clusters.