Sample type: Monetary sample
Parameters: Precision, Confidence, Interval, Start Value
Description: The sample is used to determine the accuracy of
financial accounts. The random number must be less than the sampling
interval and greater than the smallest sampling unit. Confidence is the
level of assurance required (complement of risk of incorrect acceptance)
and Precision is the tolerable margin of misstatement for the sample
estimate of the population value.
¶ Generation
To generate the sample, perform the steps:
-
Select the region of the population and click the Generate sample
button. -
Enter Sheet name. If you do not enter a name, the program will
automatically name the sheet Sample, Sample 1, Sample 2,
etc. -
In the Sample type drop-down menu, select Monetary sample.
-
If necessary, change the population region in the Range field by
clicking the ''...'' button. -
In the Value column drop-down menu, select the column that the
values will be taken from. -
Mark whether the region includes headers.
-
In the Parameters section:
7.1. Set a Precision level to define the maximum level of errors in
the population.
7.2. Set a Confidence level to determine the level of the residual
risk.
7.3. The Interval value is automatically calculated, depending on
the Precision and Confidence values (Interval =
Precision/R-factor).
7.4. Set a Start value or generate a random one by clicking the
Random button.
- Click Generate.
| Confidence | Residual risk | R-factor |
| 99% | 1% | 4.6 |
| 98% | 2% | 3.7 |
| 95% | 5% | 3.0 |
| 90% | 10% | 2.3 |
| 86% | 14% | 2.0 |
| 85% | 15% | 1.9 |
| 80% | 20% | 1.6 |
| 75% | 25% | 1.4 |
| 72% | 28% | 1.3 |
| 70% | 30% | 1.2 |
| 65% | 35% | 1.1 |
| 63% | 37% | 1.0 |
| 60% | 40% | 0.9 |
| 55% | 45% | 0.8 |
| 50% | 50% | 0.7 |