Skip to main content


Joint report on Fraud, Going Concern and the Expectation Gap in Audit

October 19, 2021 News, Resource, Article

The audit expectation gap – what financial statement users expect from the auditor and the audit versus the reality of what an audit is – continues to be an issue of growing importance for many stakeholders around the world.

The AASB, in collaboration with the Association of Chartered Certified Accountants (ACCA), CPA Canada, and Chartered Accountants Australia and New Zealand (CA ANZ) has released Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach – a report that examines the auditor’s role in the areas of fraud and going concern and the related expectation gap and identifies recommendations to narrow this gap.

The joint team’s recommendations were developed from the research conducted with key players in the financial reporting ecosystem across the globe. 

Read our report to learn more about:

  • the ACCA’s initial report, Closing the expectation gap in audit (May 2019), including the three components of the audit expectation gap: the “knowledge gap,” the “performance gap,” and “the evolution gap”;
  • relevant developments affecting the audit profession;
  • the outcome of the virtual roundtable discussions; and
  • our conclusion and recommended way forward.

Learn more about AASB’s ongoing work in the area of Fraud, Going Concern, and the Expectation Gap.

Read our joint report

Cover page of joint report on Fraud, Going Concern and the Expectation Gap in Audit

A summary of this joint report can be found here.

Staff Contact(s)

Karen DeGiobbi, CPA, CA Director, Auditing and Assurance Standards Board