The four common bias includes Confirmation, Availability, Overconfidence and Anchoring bias.
IAASB refers to the International Auditing and Assurance Standards Board.
The 4 common biases identified by IAASB includes:
- Confirmation bias: This refers to the tendency for decisions makers to estimate evidence in ways that support preexisting faith or expectations.
- Availability bias: This bias happens when a person decisions are unduly influenced by information that is most memorable or easily accessible.
- Overconfidence bias: This bias occurs when person place more expectation on their abilities to perform activity or make accurate decisions.
- Anchoring bias: This is a bias that made someone to believe deeply based on the first piece of information we are given about a topic.
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