Expectation gap

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 in relation to other assurance work undertaken by external audit specialists.

See also

• Accounts
• Assurance
• Audit
• Audit opinion
• Audit report
• Audit trail
• Auditor
• Auditors’ report
• Certificate
• Company law
• Directors report
• Directors' responsibilities statement
• Financial reporting
• Financial statements
• Gap
• Qualified audit report
• Reporting entity
• Shareholders
• True and fair view

External link

• Closing the expectation gap in audit - ACCA