Final answer:
The degree to which the auditor is justified in believing that the estimate based on a random sample will fall within a specified range is called precision.
Step-by-step explanation:
The degree to which the auditor is justified in believing that the estimate based on a random sample will fall within a specified range is called precision.
Precision is a measure of how close the estimated value is to the true value. If the precision is high, then the auditor can have a high level of confidence that the estimate is accurate.