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.Download Event Brochure