Article2013

Narrowing the Expectation Gap in Auditing: The Role of the Auditing Profession

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Auditing, Earnings Management, Governance Accounting and Financial Management Corporate Governance and Financial Management

Abstract

The study sought to ascertain the role of the auditing profession in narrowing the audit expectation gap. Selfadministered questionnaires were used in the study. The data generated from the responses of the subjects were analyzed using descriptive and statistical analysis through the computer (SPSS 16.0). The result shows that the public is ignorant of the duties of the auditor and this lack of knowledge is responsible for unreasonable expectations of the public from auditors. Based on the findings and conclusion, it was recommended that the public need more education on the duties and responsibilities of the auditor, the standard auditor’s report should be expanded to include disclaimer clauses clearly showing that it is not a certificate or guarantee of the financial soundness of the auditee, it should be clearly stated in the audit report that the auditor is not the Compliance Officer of the audited company and that the auditors report should add that the opinion expressed by the auditor should not be construed to mean a guarantee of accuracy of the financial statements

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References

1993An Empirical Study of the Audit Expectation-Performance Gap 1993The Audit Expectations Gap in Britain: An Empirical Investigation 2001Auditors' and Investors' Perceptions of the “Expectation Gap”1998THE IMPOSSIBILITY OF ELIMINATING THE EXPECTATIONS GAP: SOME THEORY AND EVIDENCE 1994Investor Views of Audit Assurance: Recent Evidence of the Expectation Gap 1998The expectation gap in auditing 2004Audit expectation gap 2001Evidence of the audit expectation gap in Singapore

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