Abstract
This paper examines how Canada and the United States have responded to the ‘expectations gap’. The McDonald Commission of Canada made a number of recommendations. These include efforts to strengthen the auditor’s independence and the auditor’s professionalism, extended and improved financial disclosure, and lessening of the public misunderstanding of what auditors do. The United States identified a number of areas as major expectations gap concerns. These include early warning of business failure, the duty of the auditor to detect and report fraud, and improved communication of audit results to users of financial reports.
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