The audit expectation gap is denoted as the difference between what the public expects from an audit function and what the audit profession accepts the objective of auditing to be. The existence of an audit expectation gap is likely to be detrimental to the value of auditing and the well-being of the auditing profession as the contribution of auditing may not be fully recognized by society. This paper reports the findings of a questionnaire survey conducted to examine the audit expectation gap in Thailand. The study also analyzes the nature of the audit expectation gap in Thailand using Porter's (1993) framework. The study finds that an audit expectation gap exists with respect to 18 of the 42 duties of auditors examined. The analysis of the expectation gap shows that selected respondents consider 12 non-statutory duties of auditors to be 'unreasonable' expectations, while 12 duties are considered as 'reasonable' expectations of auditors. These 12 duties are classified as 'deficient standards'. The study also finds that two statutory duties are considered by the selected respondents to be 'deficient performance' by Thai auditors.
The South African Companies Act 71 of 2008, which came into effect on
1 May 2011, legislated that the financial statements of all public companies and
state-owned companies should be audited annually but stipulated that ...
Gloeck, Juergen D. (Juergen Dieter), 1956-(Southern African Institute of Government Auditors, 2003)
The Draft Public Audit Bill was developed to reform the public sector audit function and to repeal and amendment existing legislation in this regard. This article examines the effect the proposed legislation has on the ...
Steyn, Blanché(African Consortium of Public Administration, 2014)
The Public Finance Management Act, 1 of 1999, requires the public sector to establish
internal auditing functions. The study reported in this article aimed to identify the
requirements for a public sector chief audit ...