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Audit expectation gap: a comprehensive literature review

Author

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  • Aluthgama Guruge Deepal
  • Ariyarathna Jayamaha

Abstract

Purpose - This paper reviews a substantial body of scholarly work on the audit expectation gap (AEG) for many years and aims to construct a new synthesis of the existing knowledge of the AEG discovered by numerous scholars in the world. Design/methodology/approach - A broad search of the literature was conducted using a few AEG related keywords in the Google Scholar search engine and two databases of Scopus and Emerald from 1974 to 2021. Only the articles published in reputable journals concerning the AEG were selected after applying some selection criteria. Findings - The concept of AEG is a multidimensional concept. Different causes for the AEG were identified, and several strategies were summarized into major promising strategies for narrowing it. It was found that the AEG cannot be eradicated entirely from society. Practical implications - This review of the literature will be of interest to auditors, financial statement users, regulatory agencies, and policymakers, among other parties. Further, this AEG synthesis may be useful in understanding misperceptions and determining how they differ across diverse stakeholders. Originality/value - There is a dearth of literature review studies incorporating all the facets of AEG. Hence, this study incorporates all those facets, namely research methods and instruments and dimensions used along with causes and mechanisms to narrow down the AEG while addressing the gaps and highlighting the themes for future research. Finally, a fresh, yet more straightforward definition was generated as a result of the comprehensive review of the literature, adding novelty to the extant literature.

Suggested Citation

  • Aluthgama Guruge Deepal & Ariyarathna Jayamaha, 2022. "Audit expectation gap: a comprehensive literature review," Asian Journal of Accounting Research, Emerald Group Publishing Limited, vol. 7(3), pages 308-319, April.
    • Handle: RePEc:eme:ajarpp:ajar-10-2021-0202
    DOI: 10.1108/AJAR-10-2021-0202
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    Citations

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    Cited by:

    1. Cristian Lungu & Valentin Burcă & Ovidiu-Constantin Bunget & Alin-Constantin Dumitrescu, 2023. "The Association between Audit Quality and Corporate Tax Avoidance. A Bibliometric Review of Literature and Early Evidence on the European Union, from the Perspective of Tax-Related Key Audit Matters D," JRFM, MDPI, vol. 16(8), pages 1-14, July.
    2. Alain BURLAUD & Maria NICULESCU, 2024. "Expectation Gap: the Story of the Auditor's Necessary and Impossible Mission," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 22(176), pages 695-723, October.
    3. Sargiacomo, Massimo & Everett, Jeff & Ianni, Luca & D'Andreamatteo, Antonio, 2024. "Auditing for fraud and corruption: A public-interest-based definition and analysis," The British Accounting Review, Elsevier, vol. 56(2).

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