During lecture we discussed the audit expectation gap. This gap occurs when:

Multiple Choice

The public is well educated about the limitations and purpose of financial statement audits.

There is a difference between the standards auditors are held to and what the general public believes auditors do$.$

Auditing standards are sufficient to align auditors responsibilities to what.can be reasonable expected of them.

Auditors adhere to auditing standards.

Ordinarily, what source of evidence should least affect audit conclusions?

Multiple Choice

Inquiry of management.

Documentation prepared by the audit team

External documentary evidence.

Inquiry of entity legal counsel.