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The expectation gap in assurance

One of the key challenges facing assurance providers is understanding and tackling the expectation gap in assurance. This infographic summarises some of the considerations.

Graphic explaining the gaps in expectation between what those commissioning assurance believe it provides and what is actually possible.1. Stakeholder expectations of:

  • Audit of the financial statements (level of assurance)
  • Audit / assurance outside the financial statements (scope and level)

2. Performance gap:

  • What we’re supposed to do vs what gets done (evidenced by audit quality reviews by regulator)

3. What else we can do:

  • Would it fix the problem?
  • Define the “problem”
  • Define audit quality (value of audit vs compliance with regulations or internal policies)
  • What needs to change to do it?
  • Available data and methodology, regulation, liability, timing, cost