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AMERICAN JOURNAL OF MANAGEMENT
Expert Judgments in an Audit’s Analytical Review
Author(s): Minwoo Lee, Harold T. Little Jr, Allen K. Hunt
Citation: Minwoo Lee, Harold T. Little Jr, Allen K. Hunt, (2017)"Expert Judgments in an Audit’s Analytical Review," American Journal of Management, Vol. 17, Iss. 5, pp. 44-59
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study used expert subjects in a multi-period experiment to investigate how different information conditions affected auditors’ judgments regarding an account misstatement in an audit’s analytical review process. The study found that the saliency level of prior probability of the misstatement negatively affected the probability judgment errors. The results also showed that in the situation where the prior probability was less salient, a longitudinal learning effect occurred. Despite errors in probability judgments, the subjects’ accuracy rates on specific state judgments were high. It was found that the saliency of prior probability positively affected the accuracy of the state judgments.
