The website, wwwabremanet, defined expectations gap in auditing as “the gap between the auditors’ actual standard of performance and the various public expectations of auditors’ performance (as opposed to their required standard of performance)” The same website enumerated the various expectations of the public These expectations include (but are not limited to the following): (1) that the auditors should have “prime responsibility for the financial statements” that they audited; (2) that auditors ‘certify’ the financial statements; (3) that when auditors provide a clean opinion, this means that the financial figures are accurate and free from error; (4) that auditors “should give early warning about the possibility of business failure; and (5) that auditors are “supposed to detect fraud”
Received on Wed Dec 16 2020 - 02:14:03 CET