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Comment on the role of auditors in this area

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Reference no: EM132878354

Question - Audit expectation gap has a detrimental effect on the well-being of the auditing profession.

Explain the different components of the audit expectation gap with reference to Brenda Porter's framework and outline the reasons why the existence of the audit expectation is detrimental to the auditing profession. Suggest some practical solutions to narrow the audit expectation gap.

The auditors' duties in connection with fraud detection and prevention have always been a controversial area that has been widely discussed among regulators, prepares and users.

Comment on the role of auditors in this area based on ISA 240. Justify whether the duties of auditors in this area should be expanded as compared to the current requirements of the auditing standards.

Reference no: EM132878354

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