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.
- 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