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Article
Publication date: 1 April 1999

George Thomas Friedlob and Lydia L.F. Schleifer

Auditors generally describe risk in terms of probabilities. Risk arises from lack of information which in turn leads to uncertainty. Since uncertainty exists when information is…

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Abstract

Auditors generally describe risk in terms of probabilities. Risk arises from lack of information which in turn leads to uncertainty. Since uncertainty exists when information is deficient and information can be deficient in different ways, it follows that auditors deal with different types of uncertainty. This article describes different types of uncertainty and a relatively new method of dealing with uncertainty referred to as fuzzy logic. Fuzzy logic and fuzzy set theory have contributed greatly to the development of artificial intelligence and have the potential to facilitate internal auditors’ measurement and management of risk and uncertainty in the audit environment.

Details

Managerial Auditing Journal, vol. 14 no. 3
Type: Research Article
ISSN: 0268-6902

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