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Erik McBain, CFA

big data analytics in auditing

The auditor’s fallacy: The law of small numbers

Humans have used simple statistical sampling for millennia to make generalized sense of the world around us. Living in a resource-constrained world, statisticians gave emperors, surveyors, and accountants a simple workaround to the prohibitively intensive process of counting, checking, and validating everything. Sampling is the selection of a subset (a statistical sample) of individuals from

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