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Explain the factors that cause the expectation gap

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Reference no: EM132816826

Question - You are employed as an auditor with a mid-tier accounting firm, Holmes and Mycroft, when you meet two old friends, Jill and John from university. You explain to your friends that you are now working as an auditor, and you talk about the responsibilities that auditors have when conducting audits and issuing audit reports. Jill cannot understand why an unmodified audit report does not mean that the financial reports are absolutely true and correct.

a) Explain the factors that cause the expectation gap.

b) Discuss how the expectation gap can be reduced.

Reference no: EM132816826

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