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Fifth: The reasons of the audit expectation gap in Egypt

The expectation gap is existed in Egypt because of 3 main reasons:

1- The continuous increase on the demand of audit services other than the
traditional audit of historical financial statements (Reasonableness gap).

2- Lack of all the needed regulatory, legal & social requirements to satisfy the
increasing demand on the nontraditional audit services and its related
standards (Standards gap)

3- lack of well qualified auditors to satisfy the expected increasing demand
especially IT skills (Performance gap).

Sixth: narrowing audit expectation gap
In Egypt, in order to shrink the professional expectation gap, there are 3 Main
approaches to handle:

1. (To address reasonableness gap) through either
a) increase the responsibilities of auditors regarding established roles using decision

aids (fraud prediction and Bankruptcy prediction models, Artificial intelligence
& Machine learning)

b) or increase Supply of professional services to Such as:

▪ continuous auditing professional service

✓ A new approach to conduct the audit in electronic commerce and Real Time
Accounting (RTA) information system environment. It is an assurance and
attestation service which has 3 main parties involved in this service 1)
Management, 2) Stakeholders (Users of company`s Web site), and 3) Service
provider (Auditor).

✓ Scope of professional service: Significant financial information & relations
disclosed via company’s Web site.

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‫جميع الحقوق محفوظة ـ الإعتداء على حق المؤلف بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونية‬