Causes of Audit Expectation Gap Relating to Fraud and IAASB's New Initiatives to Narrow It——Based on global survey analysis
Using the data of global comment letters on the Discussion Paper"Fraud and Going Concern in an Audit of Financial Statements"manually collected from IAASB website in 2021,we find that(1)the knowledge gap is the largest contributor to the expectation gap relating to fraud in an audit of financial statements;(2)there is no significant difference in perceptions about the knowledge gap and evolution gap among stakeholders,but auditors and their representatives of interests,i.e.professional organizations of accountants,do not recognize that the performance gap is the main cause of the gap comparing to other stakeholders;(3)different international organizations and respondents from different continents have close views on the causes of gaps.In addition,we perform statistical analysis on IAASB's proposed new measures and their support that enhance the auditor's requirements to narrow the expectation gap such as using the work of forensic specialists.The research conclusions not only add new evidences to the understanding of the causes of audit expectation gap,but also indicate the directions for revising relevant auditing standards and taking other narrowing actions.
International Auditing and Assurance Standards Boardfraud auditing standardaudit expectation gapnarrowing measuresurvey analysis
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