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• W3121935079 abstract "ABSTRACTMany auditors use risk-based audit as a methodology that emphasizes assessing audit risk. A holistic perspective during strategic assessment encourages the auditor to focus on the big picture. They understand the industry and client business and determine the risk of material misstatement asan initial hypothesis about the client. Previous research found that a holistic perspective in strategic assessment causes a halo effect. This study focuses on the phenomena of a halo effect in analytical procedures, the impact of a client 's profile and scope of information that be presented to auditor in planning an audit. We propose that auditor judgment is impacted by the client's profile and professional judgment will be different in a holistic perspective. This study is motivated by bounded rationality of individuals and uses representative heuristics to evaluate clients. The holistic opinion of the person tends to be consistent when analyzing detailed diagnostic information about the person. In an analytical procedure context, understanding of the industry and client business influences the extent to which they adjust account-level risk assessment. We propose two hypotheses. The first hypotheses is that the risk of material misstatement after presentation of client's profile is positively correlated with the risk of material misstatement after get financial information of client. The second hypothesis is an auditor who obtains information about a client in the scope of holistic information would determine the risk of material misstatement lower than auditor who obtains information in scope of specific information. Data from laboratory experiment using various levels of auditor were collected. The finding suggest a halo effect is generated during analytical procedures and when auditors obtain information about the client in holistic scope.JEL: M42KEYWORDS: Halo Effect, Analytical Procedure, Scope of Holistic Information, Specific Scope InformationINTRODUCTIONAuditors in a business risk audit approach conducts strategic assessments to develop a holistic perspective of their client's business model (Bell et al., 2002). Understanding the client's business and industry is part of the planning step (Arens, Elder and Beasley, 2012) and analytical reviews reveal important insight concerning an auditor's hypothesis test (Luippold and Kida, 2012). Hypotheses are often developed early in the decision process (Koonce, 1993; Weber et al., 1993). Koonce (1992, 1993) stated that hypothesis testing during analytical procedures as a four-step, diagnostic inference processes: hypothesis generation, and information search and hypothesis evaluation. Bell et al. (1997), Bell et al. (2005) stated that strategic assessment approaches influence auditor expectations. The use of a holistic perspective for strategic assessment is useful in identifying various factors threatening a business model.However, evaluative judgment, when assessing performance in detail based on holistic perspective, potentially causes the emergence of a halo effect (Murphy, Jako and Anhalt, 1993). The halo effect is an individual biases in conducting an assessment on a person or object that generalizes assessment of an attribute to conduct an assessment on other attributes (Szhultz and Szhultz, 2010). The halo effect is defined as a marked tendency to think of the person in general as rather good or rather inferior and to color the judgments of the person's specific performance attributes by this general feeling (Thorndike, 1920). The impression of information obtained from one experience significantly effects the next judgment (Tetlock, 1983). Specifically, information items entered earlier are considered more important than later items, this phenomenon is referred to as the halo effect (Grcik, 2008), also called the primacy effect (Hunton, 2001; Hogarth and Einhorn, 1992, Pinsker, 2007; 2008).The halo effect occurs when knowledge for holistic assessment at the beginning a decision alters the next detailed evidence (Slovic et al. …" @default.
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• W3121935079 date "2014-01-01" @default.
• W3121935079 modified "2023-09-23" @default.
• W3121935079 title "Halo Effect in Analytical Procedure: The Impact of Client Profile and Information Scope" @default.
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