Congratulations to Howard Levy and Julian Jacoby on such a well-written and timely article in the July issue of The CPA Journal (“The Materiality Mystery: The Gap in GAAS”). One thing that has struck me in my work as a peer reviewer is that many firms are not extrapolating the results of the errors they discover through their sampling; they are just measuring the errors against the tolerable misstatement alone. Many auditors do not really understand sampling. We as a profession need much more training in this area. Hopefully Levy and Jacoby’s article will be an eye-opener—not only to standards setters, but also to auditors.