What are the advantages and disadvantages of classical variables sampling?

Advantage of CVS

•  If the auditor expects a relatively large number of differences between book and audited values, then a small sample size is used
•  The samples selected under this technique are not of zero value. Therefore, special consideration for sample design is not required
• CVC techniques are widely accepted by the auditors for the effectiveness in recognizing overstatements and understatements
  
  Disadvantages of CVS
•  CVS technique holds good only for a large number of differences. This approach does not evaluate likely misstatement when little or no misstatement is expected
• CVS technique uses estimated standard deviation to determine the sample size. If the estimated standard deviation is unknown, the auditor uses the standard deviation of recorded values in the population. This may lead to audit differences in accounting issues. The computations of CVS are complex too
•  CVS techniques are not effective in the population where no potential misstatements are detected in the sample data