The Audit Expectations Gap

Auditing has developed from what, in the twelfth century, was primarily a check of the accounting for stocks and revenues by authorised officers of the Exchequer of England, into a sophisticated professional assurance service performed by independent accountants for the interests of their clients and other users of financial information . But what motivates people to enlist the services of an auditor? In explaining why the demand for the auditor is so varied, the academic Wallace …

…the expectations gap. The Deloitte, Haskins and Sells Lecture, University College, Cardiff, 30th April. Source: Lending Library of the Institute of Chartered Accountants, London EC2 Prosser, W. D. (1984) Conference on Accountants' Professional Liability. University of Strathclyde Cited in: Godsell, D. (1991) Auditors' Legal Duties and Liabilities pg 4 Case Law Brown & Hatton Pty Ltd v National Australia Bank Ltd (1987) (unreported) Supreme Court of New South Wales Cited in: Godsell, D. (1991) Auditors' Legal Duties and Liabilities'