Fraud and going concern: Closing the expectation gap in audit

Read this report to learn about recommendations for narrowing the expectation gap for fraud and going concern. Using a multi-stakeholder approach, the underlying research for this report was supported by virtual roundtables around the globe.

Closing the Expectation Gap in Audit – The Way Forward on Fraud and Going Concern: A Multi-stakeholder Approach

Summary of Key Findings

CPA Canada, in collaboration with the Association of Chartered Certified Accountants (ACCA), the Canadian Auditing and Assurance Standards Board (AASB), and Chartered Accountants Australia and New Zealand (CA ANZ) has examined the auditor’s role in the areas of fraud and going concern, and the related expectation gap. We have jointly published the report Closing the expectation gap in audit – The way forward on fraud and going concern: A multi-stakeholder approach.

The underlying research for this report and related recommendations was supported by a series of virtual roundtables and interviews with stakeholders of the wider financial reporting ecosystem across the globe.

Read this report to learn about:

  • a recap of ACCA's initial report, Closing the expectation gap in audit (May 2019), which includes the defining of three components of the audit expectation gap:
    • the knowledge gap
    • the performance gap
    • the evolution gap
  • developments affecting the audit profession likely to have an impact on fraud and going concern
  • the outcome of the roundtable discussions
  • our conclusion and recommended way forward