Illustrates the use of the Bayesian decisiontree approach inmaking auditing decisions. First reviews the audit process and showsthat the outcomes of auditing decisions depend not only on the coursesof action but also on some uncontrollable chance events. Explains theBayesian decisiontree approach and the concepts of prior and posteriorprobabilities and expected values. Also illustrates the framework withinwhich the approach is applicable. Shows how the Bayesian decisiontreeapproach can be applied in auditing situations e.g. substantive testingand the review of other auditors work. Finally, suggests someprobability results that can be used in other auditing contexts. Offersadditional insights into the use of Bayesian methods in auditing andpresents auditors with a tool which they can use in making auditingdecisions.
Managerial Auditing Journal – Emerald Publishing
Published: Jan 1, 1992
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