You are an audit senior in an accounting firm and you asked the audit partner about the ‘audit expectation gap’. The audit partner provided his…

You are an audit senior in an accounting firm and you asked the audit partner about the ‘audit

expectation gap’. The audit partner provided his opinion on the issue as follows: There is a so

called ‘audit expectation gap’, and it is associated with unreasonable expectations of users. They

want all fraud found, and a guarantee that the company will continue forever. This is quite

unreasonable and not what the audit is designed to do! Perhaps we could do more on these

issues, but it would be more work, cost more, and I doubt whether the companies would be

prepared to pay anyway.

Discuss the views of the audit partner.

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