When planning and conducting an audit, you want it to be statistically sound, and generally you do not want to have to complete a 100% sample to do this. BOL Guru Andy Zavoina used Excel to help in the sample selection. This Numeric Statistical Sampling Methodology is based on a table from the FRB's Consumer Compliance Handbook, pre-2006 version. It is designed to provide a ninety percent accuracy result.
You enter the "Universe", which is the total number of records that are subject to this audit. You will see returned a Sample Size, which is the number of records to be selected, and a Random Number will be generated to tell you which of the list is the first to select. The Counted Interval under that tells you which are the next records to select, such as the 12th, 24th, 36th...
First published on 03/01/2006