It is common to use audit sampling when performing substantive tests on a population of transactions or account balances, such as taking a sample of total sales or a sample of total receivable balances.

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This statement is true. Audit sampling is commonly used in performing substantive tests to obtain a representative sample of a population of transactions or account balances. This allows auditors to draw conclusions about the entire population based on the characteristics of the sample.

It Is Common to Use Audit Sampling When Performing Substantive