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AN EMPIRICAL INVESTIGATION OF THE AUDIT EXPECTATION GAP: AUSTRALIAN EVIDENCE

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

Abstract

Abstract: This paper examines the existence and nature of the expectation gap in Australia and whether recent changes to the wording of audit reports have affected that gap. A mail questionnaire was completed by auditors, accountants, directors, creditors, shareholders and undergraduate students. There was a gap between auditors and the various user groups under the old report wording prior to the issuance of the revised AUP 3. The modified wording in the revised AUP 3 had a significant impact on beliefs about the nature of an audit and the relative responsibilities of auditors and management. The modified wording eliminated some of the differences, but also created some new differences in beliefs about the messages communicated through audit reports. The auditing profession's fears about an expectation gap appear to be justified.

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References

1951Coefficient Alpha and the Internal Structure of Tests 1960A Coefficient of Agreement for Nominal Scales 1968Weighted kappa: Nominal scale agreement provision for scaled disagreement or partial credit.1969Large sample standard errors of kappa and weighted kappa.1981A Scale to Measure Self-Concepts, Person Concepts, and Product Concepts 1993The Audit Expectations Gap in Britain: An Empirical Investigation 1983Factor Comparability As A Means Of Determining The Number Of Factors And Their Rotation 1979Bankers' and Auditors' Perceptions of the Message Communicated by the Audit Report

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1999THE ENVIRONMENTAL REPORTING EXPECTATIONS GAP: AUSTRALIAN EVIDENCE 2006An investigation of the expectation gap in Egypt 2011The ISA 700 Auditor's Report and the Audit Expectation Gap – Do Explanations Matter?2003An Investigation of Alternative Report Formats for Communicating Moderate Levels of Assurance 2009Forensic Accounting: Public Acceptance towards Occurrence of Fraud Detection

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