Audit sampling terminology

In a number of instances, Analytics sampling terminology differs from the terms commonly used in the audit and assurance profession. The sections below outline the Analytics terms and the equivalent industry terms.

For simple definitions of some common audit sampling terms, see A word about terminology.

Names of the types of sampling in Analytics

Analytics has three types of sampling:

• record sampling
• monetary unit sampling
• classical variables sampling

The table below lists other terms in use for these types of sampling.

Analytics term	Industry term
Monetary unit sampling	monetary unit sampling dollar-unit sampling probability-proportional-to-size sampling cumulative monetary amount sampling
Record sampling	attribute sampling attributes sampling
Classical variables sampling	classical variables sampling

Monetary unit sampling terminology

The table below lists the monetary unit sampling terminology used in Analytics and provides the equivalent industry term or terms.

Size dialog box	Analytics term	Industry term
	Confidence	confidence confidence level reliability
	Population	population population size
	Materiality	tolerable misstatement
	Expected Total Errors	expected misstatement estimated misstatement expected population misstatement
	Sample Size	sample size
	Interval	sampling interval
	Maximum Tolerable Taintings (%) (an Analytics-specific term)
Evaluate dialog box
	Errors	misstatements
Evaluate results
	Basic Precision	basic precision basic allowance for sampling risk
	Most Likely Error	projected misstatement
	Upper Error Limit	upper misstatement limit

Record sampling terminology

The table below lists the record sampling terminology used in Analytics and provides the equivalent industry term or terms.

Size dialog box	Analytics term	Industry term
	Confidence	confidence confidence level reliability
	Population	population population size
	Upper Error Limit (%)	tolerable deviation rate
	Expected Error Rate (%)	expected population deviation rate estimated population deviation rate
	Sample Size	sample size
	Interval	sampling interval
	Number of Tolerable Errors (an Analytics-specific term)
Evaluate dialog box
	Number of Errors	number of deviations
Evaluate result
	Upper error limit frequency	computed upper deviation rate