The audit expectations gap can be attributed to:
A) audit failure.
B) business failure.
C) the limitation to the role of the independent audit.
D) all of the above

Question

Quizplus · Accepted Answer

The audit expectations gap is primarily attributed to the limitation of the role of the independent audit. While audit failure and business failure can contribute to the gap, they are not the root causes. The expectations gap refers to the difference between what the general public expects from an audit and what auditors are actually able to provide. Auditors are not responsible for detecting all types of fraud, nor can they accurately predict the future success of a business. The expectations gap is an inherent challenge in the audit profession and requires constant communication and education to manage.

The Audit Expectations Gap Can Be Attributed To