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Using a sample of 258 auditors, two experiments were conducted to study the effects of fraud risk assessments and an automated decision aid on auditors’ evaluation of evidence and judgment. Results indicate that the assessed level of fraud risk systematically affects the evaluation of evidence by auditors. More specifically, auditors facing high levels of assessed fraud risk evaluate audit evidence more thoroughly than auditors facing low levels of assessed fraud risk. In addition, auditors facing high risk assessments exhibit an unexpected bias in their decision processes. These auditors focus on the last evidence received during decision making, and their decisions change when evidence order is altered. The introduction of a computer‐based decision aid promotes consistency in auditor decisions and eliminates the undesirable effects of evidence order, while preserving the benefits of more thorough evidence …