Expectation Gap - Sikka, 2009
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| aim of study | to stimulate debates about auditing practices in the wake of the financial crisis
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| auditors collect | large amounts in audit and non-audit fees
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| questions regarding the value of | - company audits
- auditor independence
- quality
- economic incentives for good audit
- knowledge base of auditor
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| audits are a reassurance to | all who have a financial interest in the companies
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| auditors have cemented their privilege on the basis that | their expertise enables them to mediate uncertainty
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construct independent, objective, true and fair accounts of corporate affairs
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| claims of expertise get punctured when | there are corporate collapses, frauds, and failures
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| markets have not | been assured by unqualified audit opinion
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| need reflection on | the role, value and independence of auditors
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| audit firms are | capitalist enterprises and are dependent upon companies and their directors for income
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| fee dependency impairs | claims of independence and has capacity to silence auditors
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| auditing firms used the crisis | to demand further liability concessions and increase profits
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