Considerations for bridging the Audit Expectation Gap: A Desk Review

Abstract

The difference between what the general public and users of financial information believe auditors are responsible for and what auditors actually believe their obligations are is known as the expectation gap. This study aims to identify the nature of the audit expectation gap and suggest ways to close it. This will include a focus on how technology can be deployed to address similar concerns. The study proposed a set of criteria that might be utilized to close the expectation gap between user needs and expectations and audit expectations, including society knowledge, audit report length, audit independence, auditor efforts, and auditor abilities. The study came to the further conclusion that technology is crucial for closing both the performance and reasonableness gaps.

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