Closing the expectation gap in audit


The profession has long spoken about the expectation gap in audit, and this report by ACCA highlights the failure of that gap to close. Globally, it is clear that the profession must continue to focus on improving audit quality and work proactively with other stakeholders to support better understanding of the auditor’s role.

ACCA has conducted this research believing it to be in the public interest for an open dialogue involving the profession, stakeholders and the public to explore what kind of audit future the public expects.

The public sees audits as part of the solution to unacceptable corporate behaviour, making sure financial statements give a holistic ‘true and fair view’, and ensuring fraud is addressed and appropriate levels of professional scepticism are applied.

There is an urgent need for audit to evolve, and for everyone with an interest in financial reporting and corporate governance to work together to address the public’s legitimate concerns about audit.

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