Robust Bayesian Bounds for Monetary‐Unit Sampling in Auditing

John Neter and James Godfrey

Journal of the Royal Statistical Society Series C, 1985, vol. 34, issue 2, 157-168

Abstract: Mixture distributions combining a probability mass at zero and a continuous density function for positive outcomes are frequently found in auditing. The Cox and Snell bound for evaluating the results of monetary unit sampling is a Bayesian bound utilizing prior information designed for such mixture distributions. In this paper it is shown that conservative prior parameter values for the Cox and Snell bound can be found such that this bound possesses classical confidence properties in repeated sampling from a wide variety of possible realized populations.

Date: 1985
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