It is a well-known fact that auditors and the public hold different views about the auditors’ duties and responsibilities in providing an opinion on a given set of financial statements. The recent emergence of corporate scandals and the subsequent implications on the audit reports published have highlighted the audit expectation gap. Evidently, public misconceptions are a major cause of the legal liability crisis facing the accounting profession. Given the significance of the expectation gap, there is an urgent need for an audit to evolve and to listen to the public’s legitimate concerns about the audit.
Closing the expectation gap in audit is the start of how the profession can evolve to meet society’s expectations of it. It is very important that all stakeholders connected to the audit profession, including professional accountancy bodies, audit firms, regulators, journalists and politicians, contribute towards reducing the expectation gap in an audit.
List of topics to be covered during the session:
Deﬁnition of the expectation gap;
Nature and structure of the expectation gap;
The three gaps ;
What is the expectation gap in the audit;
The importance of developing fraud detection skills;
Addressing the expectation gap in audit – reducing the expectation gap through the use of structured methodologies;
The presence of the expectation gap in public sector auditing;
The role played by those charged with governance in reducing the expectation gap;
The effect of the emergence of new industries/business types.
Paul Spiteri graduated as a qualified accountant from the University of Malta in 2015, and is an Associate of the Malta Institute of Accountants. He is also a Certified Public Accountant and holds a practicing certificate in auditing.
Paul joined Nexia BT in 2011, during his university studies, in which period he started to gain significant experience in auditing various companies in various sectors and has also worked in the consultancy department.
He currently works as a Group Financial Controller with an established firm in the construction industry. Paul also holds a Diploma in Insurance Accounting and Auditing.
Start date: 16/04/2020
Start time: 14:00
End time: 17:15
Venue: Online Live Session
Phone: +356 27555560 / +356 77555560