Monetary-unit sampling
Monetary-unit sampling treats individual monetary units as selection units, so higher-value items have a greater chance of selection. The auditor defines the population and sampling objective, investigates exceptions and evaluates the projected results and sampling risk. Its design must suit the assertion and population.
Worked example
With a suitable sampling interval, a large receivable balance can be selected more often or with greater probability than a small balance.
Common mistake
Do not assume this approach automatically tests unrecorded items or completeness; items absent from the recorded population cannot be selected.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Supporting | September 2026–June 2027 |