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Student Number: (enter on the line below)Student Name: (enter on the line below)HI6026 AUDIT, ASSURANCE AND COMPLIANCEFINAL ASSESSMENTTRIMESTER TR1, 2021Assessment Weight:50 total marksInstructions:All questionsmust be answered by using the answer boxes provided in thispaper.Completed answers must be submitted to Blackboard by the published duedate and time.Submission instructions are at the end of this paper.Purpose:This assessment consists of six (6) questions and is designed to assess your level ofknowledge of the key topics covered in this unitHI6026 Final Assessment T1 2021
Adapted Harvard ReferencingHolmes has now implemented arevised Harvard approachto referencing:1.Reference sources in assignments are limited to sources which provide full textaccess to the source’s content for lecturers and markers.2.The Reference list should be located on a separate page at the end of the essay andtitled:References.3.It should include the details of all the in-text citations,arranged alphabetically A-Zby author surname. In addition, itMUSTinclude a hyperlink to thefull textof thecited reference source.For example;P Hawking, B McCarthy, A Stein (2004), Second Wave ERP Education,Journal ofInformation Systems Education, Fall,4.All assignments will require additional in-text reference details which will consist ofthe surname of the author/authors or name of the authoring body, year ofpublication, page number of content, paragraph where the content can be found.For example;“The company decided to implement an enterprise wide data warehouse businessintelligence strategies (Hawking et al, 2004, p3(4)).”Non - Adherence to Referencing GuidelinesWhere students do not follow the above guidelines:1.Students who submit assignments which do not comply with the guidelines may berequired to resubmit their assignments or incur penalties for inadequate referencing.2.Late penalties will apply per day after a student or group has been notified of aresubmission requirements.Students whose citations are identified asfictitiouswill be reported for academicmisconduct.HI6026 Final Assessment T1 2021
Question 1(7 marks)Explain the definition of the audit expectation gap? Then, discuss some approaches toreducing the expectation gap.ANSWER:** Answer box will enlarge as you typeDEFINITIONSThe audit expectation gap (AEG) incurs when the auditors of the firm and the public’s opiniondiffer about the duties and responsibilities of the auditors (Koh & Woo, 1998, p147(1)). It is alsodefined as the different beliefs between the auditors and the pulic about the assumedresponsibilities by the auditors and the messages that are conveyed through the audit reports bythe auditor (Koh & Woo, 1998, p147(5)). Salehi et al. (2009, p165(1)) defined the auditexpectation gap as the difference between the reporting reality of the financial statement withthe expectations of the users of that accounting information. In reality, there is a shortfall in the

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