Expectation gap: Difference between revisions
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imported>Doug Williamson (Simplify last sentence.) |
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''Auditors' reports on financial statements & other matters.'' | 1. ''Auditors' reports on financial statements & other matters.'' | ||
Auditors form, and report, an audit opinion about financial statements that they audit. | Auditors form, and report, an audit opinion about financial statements that they audit. | ||
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Similarly incorrect - and excessive - expectations can also arise about other assurance work undertaken by external audit specialists. | Similarly incorrect - and excessive - expectations can also arise about other assurance work undertaken by external audit specialists. | ||
2. ''Professional services - regulation - welfare.'' | |||
More broadly, any systemic differences between a high expectation of what should - or can be - achieved, and a lower level of delivery in practice. | |||
Examples include professional services, regulation and welfare provision. | |||
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* [[Directors report]] | * [[Directors report]] | ||
* [[Directors' responsibilities statement]] | * [[Directors' responsibilities statement]] | ||
* [[Ethnicity pay gap]] | |||
* [[Expectations gap]] | |||
* [[Financial reporting]] | * [[Financial reporting]] | ||
* [[Financial statements]] | * [[Financial statements]] | ||
* [[Gap]] | * [[Gap]] | ||
* [[Gender pay gap]] | |||
* [[Qualified audit report]] | * [[Qualified audit report]] | ||
* [[Regulation]] | |||
* [[Reporting entity]] | * [[Reporting entity]] | ||
* [[Shareholders]] | * [[Shareholders]] | ||
* [[True and fair view]] | * [[True and fair view]] | ||
* [[Welfare]] | |||
| Line 38: | Line 50: | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:Corporate_finance]] | [[Category:Corporate_finance]] | ||
[[Category:Financial_products_and_markets]] | |||
[[Category:Identify_and_assess_risks]] | |||
[[Category:Investment]] | [[Category:Investment]] | ||
[[Category:Manage_risks]] | [[Category:Manage_risks]] | ||
[[Category: | [[Category:The_business_context]] | ||
Revision as of 14:11, 3 September 2024
1. Auditors' reports on financial statements & other matters.
Auditors form, and report, an audit opinion about financial statements that they audit.
The auditors do not guarantee - nor certify - the amounts in the financial statements.
The incorrect belief that they do, is sometimes known as the audit "expectation gap".
Similarly incorrect - and excessive - expectations can also arise about other assurance work undertaken by external audit specialists.
2. Professional services - regulation - welfare.
More broadly, any systemic differences between a high expectation of what should - or can be - achieved, and a lower level of delivery in practice.
Examples include professional services, regulation and welfare provision.
See also
- Accounts
- Assurance
- Audit
- Audit opinion
- Audit report
- Audit trail
- Auditor
- Auditors’ report
- Certificate
- Company law
- Directors report
- Directors' responsibilities statement
- Ethnicity pay gap
- Expectations gap
- Financial reporting
- Financial statements
- Gap
- Gender pay gap
- Qualified audit report
- Regulation
- Reporting entity
- Shareholders
- True and fair view
- Welfare
