The audit expectation gap : a review

• Main Authors: Lim, Kwee Hoon, Ong, Priscilla Bee Lay, Wong, Soo Sing
• Other Authors: Shahidur Rahman
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Business::Accounting
• Online Access: http://hdl.handle.net/10356/59653
• Institution: Nanyang Technological University

The audit profession views its responsibility as that of ensuring that the financial statements give an accurate picture of a company's financial performance over a specified period and of its financial position at a particular date. However, the public views the audit as a form of certificate of corporate well-being, with a perception that auditors should detect fraud and other illegal acts. Such a difference in perspective has led to the "expectation gap" problem, placing enormous pressure on the audit profession to conform to public's expectation at the expense of audit objectives.