“Expectations Gap” – Current Phenomenon in the Contemporary Auditing Profession

Abstract

Following modern trends in the auditing theory and practice, considering the economically developed part of the world, it leaves no grounds for doubts that auditors, particularly those within the English speaking countries, face with crisis in the domain of their professional obligations and credibility of the offered services. The conclusion by Sherer from 1985: „the auditors went out from their cabinets”, has definitely ruined all sayings for the auditing, describing it as mysterious and boring profession. In the past period it became more explicit that auditing has its new public image and it faces with exciting and less controversial future. However, apart from the undisputable fact that the days of direct attack to the auditing profession within the developed economies, belong to the past. “The Resurrection” of the auditors from their cabinets itself does not mean that that auditing is becoming more visible or more clearly understandable professional activity. Financial scandals followed by collapse of large number of companies, and the common assembly’s debates focused to the auditing profession during 70s and 80s, have imposed the issue for open doubts and uncertainties in aspect of the auditing position and expectations from auditors (as expectations considering reveals of frauds, the auditor’s uncertainty, informing according to public interest and the relevance of the auditors reports). Within the aforementioned time interval, the Anglo-Saxon literature in the field of auditing provides a great deal of evidence regarding the increasingly large concerns of the professional public in relation to the new placed term “Expectation Gap”.