Expectation gap is the gap between what public believe that auditors do and what actually auditors do or ought to do. Expectation gap occurs when the audits fail to meet the expectations of users of audited financial statements. The public is generally not aware of the auditor’s actual standards of performance and the scope of his work and therefore there … Read the rest
international standard on auditing
After reading ISA 200 here are key points I have taken from it:
This international standard on Auditing (ISA) deals with an independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with ISAs
ISA 200 explains the scope, authority, and structure of ISAs.
ISAs are written in the context of an audit of financial statements by … Read the rest
The objective of a limited assurance engagement is a reduction in assurance engagement risk to a level that is
acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable
Assurance engagement, as the basis for a negative form of expression of the practitioner’s conclusion.
In a limited assurance engagement, the practitioner:
gathers sufficient … Read the rest