Audit education as an effective tool for narrowing audit expectation gap: Evidence from literature review

Abstract

This study investigates the determinants of audit expectation gap by reviewing several studies to establish its existence and the major causes of the expectation gap. In like manner, many other empirical works on the effectiveness of audit education in providing a solution to the anticipation breach issues are also examined. The findings reveal the existence of review expectancy crack in different countries of the world. The major causes of the breach also include performance deficiency, standard paucity, auditors' compromise of their roles, and lack of public awareness of what the law specifies the auditors' roles should be, among others. In the light of the review, this study further discovers that the varying audit prospect disruption can be effectively managed by providing adequate and comprehensive audit education to various users of audit reports and the society at large. In this study, we propose early learning of audit. An audit should be a general subject in the Universities and Institutions of higher learning. This will help to equip future managers, managing directors, entrepreneurs, chief executive officers (C.E.O.s) of companies, investors and other stakeholders.