The existence of audit expectation gap

This patriotic move became imperative in response to pressure from the international community which named Nigeria as one of the notorious 23 countries that did not cooperate with the fight against money laundering.

The existence of audit expectation gap

According to the the American Institute of Certified Public Accountants AICPA inthe expectation gap could be defined as "the difference between what the public and financial statement users believe auditors are responsible for and what auditors themselves believe their responsibilities are.

History InLiggio is the first to define the expectation gap as the difference between the actual and the expected performance.

The existence of audit expectation gap

This definition is extended by the Cohen Commission on auditors responsibilities inwhere the expectation gap is represented by the gap between the public expectations and needs, and the expected accomplishment of the auditors.

Porter in defined the 'expectation-performance gap' as the gap between the expectations of society about auditors and the performance of auditors. Example Regulators and standard setters usually propose a change in regulation following a particular event.

Recently, the financial crisis was the trigger for regulators and standard setters to revisit the audit report e. While narrowing the audit expectation gap has been the main objective of previous changes to the audit report e.The Existence of Audit Expectation Gap.

The study investigates the existence of audit expectation gap in relation to society’s unreasonable expectations out of auditing in Bangladesh.

This also identified the effects of auditing knowledge on the gap. Among all the classes of our society the accounting graduates are expected to have more. The audit expectation gap is critical to the auditing profession because the greater the unfulfilled expectations from the public, the lower is the credibility, earning potential and prestige associated with the work of auditors.

Abstract: The study investigates the existence of audit expectation gap in relation to society’s unreasonable expectations out of auditing in Bangladesh.

This also identified the effects of auditing knowledge on the gap. Among all the classes of our society the accounting graduates are expected to have more knowledge on auditing, who. The "audit expectation gap" is the difference between what the public and users of financial statements perceive the role of an audit to be, and what the audit profession claims is expected of them during the audit.

Recent regulatory initiatives targeting the statutory audit regime support the notion that the audit expectation gap is still a driver of change. This study seeks to analyse causes of the gap as well as the impact of proposed changes to the current statutory audit regime using an approach that.

The "audit expectation gap" is the difference between what the public and users of financial statements perceive the role of an audit to be, and what the audit profession .

Audit Expectation Gap Definition from Financial Times Lexicon