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18 Cards in this Set
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Atttribute sampling

A sampling plan enabling the auditros to estimate the rate of deviation (occurrence) in a population.


confidence level

In attributes sampling, the complement of the risk of assessing control risk too low.


Deviation rate

A defined rate of departure from prescriebed controls


Discovery sampling

A sampling plan for locating at least 1 deviation, providing that hthe deviation occurs in the population with a specified frequency.


Expected population deviation rate

An advance estimate of a deviation rate


mean

the average item value, computed by dividing total value by the number of items composing total value.


Nonsampling risk

the aspects of audit risk not due to sampling. Normally relates to human rather than statistical errors.


Population

the entire field of items from which a sample might be drawn.


Probabilityproportionaltosize sampling

A variables estimation procedure that uses attributes theory to express a conclusion in monetary (dollar) amounts.


Random selection

Selecting items from a population in a manner in which every item has anequal chance of being included in the sample.


Reliability

The complement of the risk of incorrect acceptance.


Representative sample

A xample possessing essentiallythe same characteristics as the population from which it was drawn.


Risk of assessing control risk too high

This risk is the possibility that the assessed level of control risk based on the sample is greater than the true operating effectiveness of the control


Sampling error

the difference between the actual rate or amount in the population and that of the sample.


Standard deviation

A measure of the variability or dispertion of item values within a population;


stratification

Dividing a population into two or more relatively homogeneous subgroups. Stratification increases the efficiency of most sampling plans by reducing the variability of tiems in each stratum.


Tolerable deviation rate

the maximum population rate of deviations from a prescribed control that the auditor will tolerate without modifying the planned assessment of control risk.


Variables sampling

Sampling plans designed to estimate a numerical measurement of a populaiton, such as a dollare value.
