Cognitive biases in financial decision-making: implications for audit and risk management in large corporations: A conceptual review

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Cognitive biases like overconfidence and confirmation bias can hinder effective financial decision-making.
These biases significantly impact auditing processes and risk management protocols in corporations.
The review integrates theories such as prospect theory and behavioural finance to understand biases in finance.
Addressing cognitive biases can enhance decision-making and strengthen trust among stakeholders in major companies.

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Conceptual review reveals how cognitive biases affect financial decision-making in corporations, indicating risks for audit and management.

Abetoh Nyiawung Fobellah (2025) studied this question.

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Conceptual review reveals how cognitive biases affect financial decision-making in corporations, indicating risks for audit and management.