ACC 2101 Quiz: audit 15
Document Summary
Tendency to put more weight on consider alternative info that is consistent w/ initial explanations beliefs or preferences. Overconfidence- tendency to o(cid:448)eresti(cid:373)ate o(cid:374)e"s o(cid:449)(cid:374) a(cid:271)ilities to perform tasks or to make accurate assessments of risks or other judgements and decisions. Solicit input from others assessments by starting from an initial. Consider mgt. bias, including the value and then adjusting insufficiently potential for fraud or material away from the initial value misstatements. Tendency to consider info that is easily retrie(cid:448)a(cid:271)le or (cid:449)hat"s easily a(cid:272)(cid:272)essi(cid:271)le mind. Obtain and consider objective data as being more likely or more relevant. Potential judgment tendencies, traps, and biases auditors should be alert for potential judgment tendencies, traps, and biases that may impact the decision- making process. Awareness of these and other potential traps helps the auditor take steps to mitigate their effects and strengthen professional skepticism cycle approach. A common way to divide an audit is to keep closely related types (or classes) of transactions.