Misstatement means a difference between the reported amount, classification, presentation, or disclosure of a financial report item and the amount, classification, presentation, or disclosure that is required for the item to be in accordance with the …

Uncorrected misstatements means misstatements that the auditor has accumulated during the audit and that have not been corrected. …

Audit sampling (sampling) means the application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which …

Population means the entire set of data from which a sample is selected and about which the auditor wishes to draw conclusions. …

Sampling risk means the risk that the auditor’s conclusion based on a sample may be different from the conclusion if the entire population were subjected to the same audit procedure.  Sampling risk can lead to two types of erroneous conclusions: In the …

Non-sampling risk means the risk that the auditor reaches an erroneous conclusion for any reason not related to sampling risk. (Ref: Para . A1 …

Anomaly means a misstatement or deviation that is demonstrably not representative of misstatements or deviations in a population. …

Sampling unit means the individual items constituting a population. (Ref: Para . A2 ) …

Statistical sampling means an approach to sampling that has the following characteristics: A sampling approach that does not have characteristics (i) and (ii) is considered non-statistical sampling. Random selection of the sample items; and The use of …

Stratification means the process of dividing a population into sub-populations, each of which is a group of sampling units which have similar characteristics (often monetary …