Sampling Method: Monetary Unit

How it works

This sampling methodology gives us the opportunity to select a random sample, with or without seed values. Where a seed value allows the sample to be reperformed to produce the same results.

To select samples, simply follow these steps:

Step 1

In the Analysing and Sampling group, click on Sampling Tool and click on ‘Monetary Unit’.

A new pop-up window will appear.

Step 2

Check that the Population range is correct and confirm if the first row of the population should be considered as headers.

Click below to view the Sampling Range Detector Guidance Page.

Step 3

Confirm the transaction column to be used, by selecting the heading/column from the transaction column drop-down.

Step 4

Enter the Monetary Unit Interval value.

Step 5

Select between running the monetary unit sample from 0 or from excess. This choice is based on individual firm methodology.

1. Running from 0

When the monetary unit interval is reached, the sampler starts accumulating from the next transaction.
Ensures that each sampled interval begins fresh, providing a comprehensive representation of the population.

2. Running from Excess

When the monetary unit interval is reached, the sampler starts accumulating with the remaining excess value from the transaction where the interval was reached.
Focuses on maximising the use of high-value transactions, prioritising areas with significant amounts.

This distinction highlights the difference in how the sampling progresses after reaching the interval.

Step 6

Tick the use absolute values tickbox, if the sample population contains both positive and negative values that are to be sampled on.

Step 7

To introduce a degree of randomness into the sample, tick the Random start row tickbox. This will ensure that the accumulation and sampling will start from a random row.

Note: This will exclude the first transactions before the start row from being able to be selected.

Step 8

If there is a fixed number of samples to be selected, tick on the Fixed no Items tickbox and enter the number of samples alongside.

Note: This will cause the Sampling Tool to stop once it has reach said number of samples. Effectively excluding transactions thereafter from being selected.

Step 9

To further stratify your population or include all material items over and above the sample size.

Click below to view the Sampling Advance Section Guidance Page.

Step 10

Select whether you would like the selected items to be highlighted in the original dataset

Also select whether you would like the resulting sample to be emailed?

If email is selected, upon completion of executing the sample selection, a new email will be populated containing the sample ready to be sent to whomever.

Step 11

Click Continue to execute the function.

Step 12

The sample will be selected and populated into a new sheet in the active workbook along with the following information related to the sample selection displayed above it.

General Info:

Performed by sign off,
The methodology used, i.e. Monetary Unit Sampling,
The transaction column selected,
The Monetary Unit Interval value used,
The Monetary Unit method selected, either start from 0 or start from excess,
Whether or not it started from a random row,
the fixed number of samples used,
Population size,
Population value,
Coverage Obtained.

Advanced Section Info:

If applicable, the materiality value used for selecting material items
If applicable, the values that have been excluded