Cookies help us to understand how you use our website so that we can provide you with the best experience when you are on our site. To find out more, read our privacy policy and cookie policy.
Manage Cookies
A cookie is information stored on your computer by a website you visit. Cookies often store your settings for a website, such as your preferred language or location. This allows the site to present you with information customized to fit your needs. As per the GDPR law, companies need to get your explicit approval to collect your data. Some of these cookies are ‘strictly necessary’ to provide the basic functions of the website and can not be turned off, while others if present, have the option of being turned off. Learn more about our Privacy and Cookie policies. These can be managed also from our cookie policy page.
Strictly necessary cookies(always on):
Necessary for enabling core functionality. The website cannot function properly without these cookies. This cannot be turned off. e.g. Sign in, Language
Analytics cookies:
Analytical cookies help us to analyse user behaviour, mainly to see if the users are able to find and act on things that they are looking for. They allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it. Tools used: Google Analytics
Social media cookies:
We use social media cookies from Facebook, Twitter and Google to run Widgets, Embed Videos, Posts, Comments and to fetch profile information.
Share Fraud, Going Concern, and the Expectation Gap on FacebookShare Fraud, Going Concern, and the Expectation Gap on TwitterShare Fraud, Going Concern, and the Expectation Gap on LinkedinEmail Fraud, Going Concern, and the Expectation Gap link
Consultation has concluded
All parties in the financial reporting ecosystem – which includes management, audit committees, auditors and regulators – have a role to play in addressing fraud and going concern in financial statements.
Although the external audit is only one element within the broader financial reporting ecosystem, the auditor’s role in relation to fraud and going concern in audits of financial statements continues to receive heightened public attention. This is due mainly to an expectation gap between the public’s perception about the role of the auditor and the auditor’s responsibilities in a financial statement audit.
To better understand stakeholder expectations regarding fraudContinue reading
All parties in the financial reporting ecosystem – which includes management, audit committees, auditors and regulators – have a role to play in addressing fraud and going concern in financial statements.
Although the external audit is only one element within the broader financial reporting ecosystem, the auditor’s role in relation to fraud and going concern in audits of financial statements continues to receive heightened public attention. This is due mainly to an expectation gap between the public’s perception about the role of the auditor and the auditor’s responsibilities in a financial statement audit.
To better understand stakeholder expectations regarding fraud and going concern in financial statements, and how they might be addressed, the AASB started information-gathering efforts in collaboration with CPA Canada and various international organizations such as the Association of Certified Chartered Accountants (ACCA).
The AASB will consider Canadians' comments from information-gathering activities in:
influencing global initiatives on fraud and going concern, including responding to the IAASB’s Discussion Paper and contributing to joint global research in these areas;
considering the implications for standards relating to fraud and going concern; and
working with CPA Canada and others on specific actions that may be needed, including development of non-authoritative guidance in these areas.
We believe we are at critical stage for obtaining views of all stakeholders on these issues. Now is your opportunity to influence the many activities both in Canada and Internationally on this topic.
Share Of the three components of the audit expectation gap, which do you think is the most significant contributor to the difference between what users expect vs. what an audit really is? on FacebookShare Of the three components of the audit expectation gap, which do you think is the most significant contributor to the difference between what users expect vs. what an audit really is? on TwitterShare Of the three components of the audit expectation gap, which do you think is the most significant contributor to the difference between what users expect vs. what an audit really is? on LinkedinEmail Of the three components of the audit expectation gap, which do you think is the most significant contributor to the difference between what users expect vs. what an audit really is? link
Of the three components of the audit expectation gap, which do you think is the most significant contributor to the difference between what users expect vs. what an audit really is?
Knowledge Gap – The difference between what the public thinks auditors do and what they do
37%
Performance Gap – The difference between what auditors do and what standards or regulations require auditors to do
0%
Evolution Gap – The difference between what auditors do and what the public wants auditors to do
37%
Too close to differentiate. They all contribute equally.
