Evidence on audit expectation gaps in small capital markets: the case of Portugal

• Autor(a) principal: Almeida, Bruno José Machado de
• Data de Publicação: 2008
• Outros Autores: Colomina, Clara Isabel Muñoz
• Tipo de documento: Artigo
• Idioma: spa
• Título da fonte: Revista Contabilidade & Finanças (Online)
• Texto Completo: https://www.revistas.usp.br/rcf/article/view/34264
• topic: Auditoria; Diferencias de expectativas; Usuarios; Auditores; Audit; Expectation gap; Users; Auditors

The main goal of this paper is to analyze if, in a small capital market such as the Portuguese, the audit expectation gap exits and which are its major components. We have enquired auditors and University accounting and auditing professors regarding several subjects that influence and increase the audit expectation gap. We have also questioned the Portuguese users of financial information regarding their perception of the role of today's auditing, to assay their opinion with studies made in Anglo-Saxon countries. We have reached the conclusion that Portuguese financial statements users' expectations are similar to the ones of bigger capital markets. As a matter of fact, fraud is the main cause for the existence of the audit expectation gap, nevertheless, Portuguese financial statements users also indicate that the actual auditor's report model in Portugal is clearly insufficient to comprehend the objectives and work that auditors have done to reach their conclusions.