Factors driving memory fallibility: A conceptual framework for accounting and assurance studies

The purpose of this paper is twofold. First, it identifies the theoretical and methodological strengths and limitations of previous literature that relate to the impact of memory on judgments and decision-making. Second, it proposes a framework which incorporates memory functions as well as factors that may cause fallibilities in judgments and decisions. This framework provides a comprehensive understanding about the relationship between judgments and memory as well as possible causes for biases and errors driven by cognitive constraints during the memory process, which have been overlooked by previous research. It may help researchers to better understand the human memory system and its impact on judgments and decisions in accounting and finance context.