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A significant number of the concepts and processes we examined during the unit raised concerns...

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Accounting

A significant number of the concepts and processes we examined during the unit raised concerns around the audit expectation gap (see Porter, 1993).

In a 2018 discussion series, KPMG focused on the need for better communication by auditors with stakeholders and users as being an important component in reducing the scope of the expectation gap. In their report, KPMG (2018) stated:

'Better and more communication about what matters to our stakeholders is one of the ways in which the audit profession can improve its relevance and restore trust'.

Required:

Critically evaluate the role of 'better and more communication' in reducing the scope of the expectation gap. In your answer, you may wish to think about the role of communication in relation to the three components of the expectations gap discussed by Porter (1993), including deficient performance, deficient standards and unreasonable expectations.

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