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Audit

Expectation Gap - Ruhnke & Schmidt, 2014

QuestionAnswer
causes of the expectation gap - public exaggerations - regulatory expectations for auditors under current standards - public difficulty in assessing performance of auditors - deficiencies in auditor performance - auditors unaware of full responsibilities
auditors criticised when companies fall short after unmodified audit opinion and when fail to detect fraud
the gap affects what of the profession the legitimacy
concern regarding fact AEG is driver for change dangerous when unjustified expectations lead to reform that does not offer tangible benefits or removes aspects of scope of audit
AEG definition difference between public expectations of responsibilities under current standards and the perception of audit performance
the thre failures which cause the AEG failure of public failure of auditor failure of standards
failure of public expectations not in current standards insufficient information about requirement of audit = education required ( of public beneficiaries)
failure of auditor lack of awareness and decrease in performance unclear in responsibilities = better professional training and increased supervision required
failure of standards fail to clearly communicate responsibilities exists currently from unclear and inconsistent standards = eliminate inconsistencies and specify requirements of auditor in greater detail
authors' opinion on narrowing the AEG may be impossible - need to minimise the factors which cause it
differing public groups have different priorities and different levels of knowledge
Created by: amyperston
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