# | Partial (or complete) Definition or Illustration | Applicable Term |
1 | Overvaluing information that quickly comes to mind. | Anchoring bias |
2 | Starting with an initial belief and then insufficiently adjusting that belief when contrary information is encountered. | Audit evidence |
3 | Seeking and treating as more persuasive information that is consistent with ones beliefs. | Availability bias |
4 | Overestimating ones abilities. | Confirmation bias |
5 | All information prepared within the audited organization. | Control risk |
6 | Information used by the auditor that corroborates or contradicts the assertions in the financial statements. | No term applies |
7 | Information used by the auditor that corroborates the assertions in the financial statements. | Professional skepticism |
8 | The risk that the auditors procedures will lead them to conclude that a misstatement does not exist when in fact it does exist. | Relevant assertion |
9 | The risk that a material misstatement that could occur will not be prevented or detected on a timely basis. | Significant assumption |
10 | A financial statement assertion that is probable of misstatement given the nature of the further audit procedures performed. | |
11 | A financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially misstated. | |
12 | A financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially or immaterially misstated. | |
13 | An attitude that includes a questioning mind, and a critical assessment of audit evidence. | |
14 | An attitude that includes a subjective mind and a detailed assessment of audit evidence. | |
15 | Every assumption relating to a significant financial statement assertion. | |
16 | As related to an accounting estimate, an assumption for which a reasonable variation would materially affect the measurement of that accounting estimate. | |