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Applications of Game Theory and Evolutionary Game Theory in Auditing (pp. 51-64) $45.00
Authors:  Nikolaos P. Anastasopoulos and Dimitrios Asteriou
An audit in accordance with International Standards of Auditing (ISA) should be
designed to provide reasonable assurance that the financial statements as a whole are free
from material misstatements. Misstatements in the financial statements can arise either by
fraudulent reporting or inadvertent error. The former appear when, the government or the
auditee firm manipulate on purpose financial reports in order to gain an illegal advantage,
while the latter appear due to unintentional mistakes or misinterpretations in gathering or
processing of data. Even though, actions should be taken for both cases to be avoided the
most critical one, however, that should be detected and confronted is fraudulent financial
reporting. In this chapter, initially, the fraud detection problem is formulated as a twoplayer
game between the auditor and the auditee where the auditor aims at eliminating
misstatements, reducing at the same time his audit efforts, while the auditee aims at
benefiting from fraudulent financial reporting and defalcation. Then, this analysis is
extended to cover the case of audit of group of financial statements. Since classic game
theory formulations fail to specify: 1) how the players arrive at equilibrium, 2) whether
this equilibrium is stable or not and, 3) what is the long term behavior of the auditorís
tenure on the quality of auditing, an alternative formulation based on evolutionary game
theory will be also presented. 

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Applications of Game Theory and Evolutionary Game Theory in Auditing (pp. 51-64)