Contents
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Description
This report is based on the following question –
Independence has always been a fundamental aspect of the accountancy profession. A
commentary in 2003 suggested the following:
There is a so called ‘audit expectation gap’, and it is associated with unreasonable
expectations of users. They want all fraud found, and a guarantee that the company will
continue forever! This is quite unreasonable and not what the audit is designed to do!
Perhaps we could do more on these issues, but it would be more work, cost more, and I
doubt whether the companies would be prepared to pay anyway.
Discuss the views of the audit partner.
