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Tackling Biases & Fallacy Stereotypes in Assurance: A Fresh Perspective In the assurance world, bias is more common than we might think, and it can significantly affect audit quality. From cognitive biases to confirmation fallacies, auditors often need to be vigilant to avoid these pitfalls. Let’s dive into some common biases in assurance, explore their effects, and discover practical tools that can help mitigate these risks. The Biases That Lurk in Audits 1. Confirmation Bias Auditors may unintentionally seek out information that confirms their preconceptions or prior findings. For example, if they believe an account is fairly stated, they might unconsciously ignore red flags suggesting otherwise. 2. Anchoring Bias Anchoring occurs when auditors give undue weight to the first piece of information encountered. If an auditor initially receives incomplete data, they may base their entire audit approach on that flawed foundation. 3. Overconfidence Bias Auditors may overestimate their ...