The scale of audit expectation gap

Abstract

The audit expectation gap is the difference between the performance level of the independent auditor and the
users of the financial statements. Base on survey results the auditors, users of audit information (investors,
bankers), the author pointed out the difference in opinion between Auditors with investors, auditors with bankers
on issues related to auditors’ responsibilities in the auditing process, the usefulness and reliability of financial
report. According to the survey results, there is a big difference gap in some elements: auditors are responsible
for detecting all fraud; auditors are responsible for maintaining accounting records; auditors are not responsible
for preventing fraud; the extent of assurance given by the auditor is clearly indicated; the financial statements give
a true and fair view.