Modeling the relationship between consensus and accuracy for dichotomous audit decisions among competent auditors, implying important implications for practice.
Consensus often is used as an indicator of audit decision accuracy. This paper explores the conditions under which consensus implies accuracy for independent individual audit decisions involving dichotomous choices. A model of the consensus-accuracy relationship is described for the case in which the auditor judges are assumed to be of equal competence and there are equal prior odds as to which of the two decision alternatives is correct. The implications of this model and the effects of relaxation of the simplifying assumptions are analyzed.
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Karen V. Pincus (1990) studied this question.
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