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Expectations gap === The expectation gap is the gap between the auditors' actual standard of performance and the various public expectations of auditors' performance (as opposed to their required standard of performance). Many members of the public expect that:
- auditors should accept prime responsibility for the financial statements,
- auditors 'certify’ financial statements,
- a 'clean’ opinion guarantees the accuracy of financial statements,
- auditors perform a 100% check,
- auditors should give early warning about the possibility of business failure, and
- auditors are supposed to detect fraud (See Wisconsin Law Journal article entitled, "Why Didn't Our Auditors Find the Fraud?").
Wiki User
∙ 16y ago
Wiki User
∙ 16y agoExpectations gap === The expectation gap is the gap between the auditors' actual standard of performance and the various public expectations of auditors' performance (as opposed to their required standard of performance). Many members of the public expect that:
- auditors should accept prime responsibility for the financial statements,
- auditors 'certify
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What are the Components of audit expectation gap?
Expectation gap caused by unrealistic user expectations such as:1. The auditors are providing complete assurance.2. The auditor is guaranteeing the future viability of the entity .3. An unqualified audit opinion is an indicator of complete assurance.4. The auditor will definitely find any fraud.5. The auditor has checked all transactions.
What are the components audit expectation gap?
Expectation gap caused by unrealistic user expectations such as:1. The auditors are providing complete assurance.2. The auditor is guaranteeing the future viability of the entity .3. An unqualified audit opinion is an indicator of complete assurance.4. The auditor will definitely find any fraud.5. The auditor has checked all transactions.
What are the components of expectation gap?
Expectation gap caused by unrealistic user expectations such as:1. The auditors are providing complete assurance.2. The auditor is guaranteeing the future viability of the entity .3. An unqualified audit opinion is an indicator of complete assurance.4. The auditor will definitely find any fraud.5. The auditor has checked all transactions.
How can expectation gap be bridged?
To bridge the expectation gap, communication is key. This includes setting clear and realistic expectations, providing regular updates and feedback, and actively listening to stakeholders to understand their perspectives. Additionally, ensuring alignment between what is promised and what is delivered can help manage and close the expectation gap.
What is customer gap?
The Gap between Consumer Expectation and Management Perception. The knowledge gap is the difference between the customer's expectations of the service provided and the company's provision of the service.
How would you define a standards gap?
Standards gap --The difference between the management's perception of consumer's expectation and the standards established by the organization for service delivery
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