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Investigate the expectation of the users of financial statement from the auditors in case of Saudi Arabia
Finance & Accounting
Pages 60 (15060 words)
Chapter 1: Introduction 1.1 Background of the Study The function related to auditing and accounting is of paramount importance to every business organisation. This is generally attributed to the fact that accounting practices help companies keep track of their transactions and provides information through the use of financial reporting to the end-users (Beck 1973; Berry, Otahata and Saleh 2000; Gray and Manson 2000; Galloway 2003).
This is usually done through their authentication, reliability and the correctness of their financial reporting (Mautz and Sharaf 1961; Manson and Zaman 2001). The accountants and auditors play an important role as they manage the finances of the companies (Manson 2000; Galloway 2003). Unfortunately, a number of issues have significantly affected the said process. In fact, one of the most important consequences is related to the existence of the so-called audit expectation gap. The audit expectation gap is indeed, one of the most important issues related to the audited function as it has relatively affected the development of auditing standards and practices (Godsell 1992; Best, Buckby and Tan 2001; Fadzly and Ahmad 2004). Members of the profession even attributed the existence of this issue to the significant increases in the litigations and criticisms they face (Mednick 1986; Berry, Otahata and Saleh 2000). The audit expectation gap pertains to the difference between the expectations of the public in relation to an audit. ...
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