... to fail to reason through appropriate judgements and conclusions. Auditing profession Decision making External audit Materiality Probability Risk Organizational theorists have discussed thoroughly the consequences arising from using structured and judgemental approaches to decision making...

... information becomes available. However, the adjustment process is not a strict Bayesian statistical revision of the prior probabilities[ 2 ]. That is, the process does not take the previously established probabilities (the anchor – prior probabilities) and using the Bayesian formula[ 3 , 4 ],revise them...