1. Define and explain the concept of the audit expectation gap 2. Find evidence that confirms or refutes the existence of an audit expectation gap in Australia. Take the steps below to achieve this. You do not have to reference in this section of the assignment. Ask five people you know what they think auditors do when they audit the financial statements. To help keep their answers on track, ask them what they think the difference would be between financial statements that have been audited and financial statements that have not been audited. a. the people you ask should not be accountants, auditors or accounting students who have completed units past 100 level. You can ask friends or relatives or work contacts who do not belong to the groups identified in the first sentence. Show your responses in the following table: Respondent Occupation Perception of audited financial statements 1 2 3 4 5 Use a number to identify each of the people you survey and don't use their names. Include a broad occupation category in the next column. For example, your neighbour might be 'retired', your friend might be an 'administrative assistant' or a 'health professional'. When the person you are asking has more to say than will fit in one line (and I hope they all do!) include all of the relevant information in the table. If you do not feel you are getting enough detail from a person you are interviewing, thank them for their time then look for another person to ask. Keep a record of the number of people you ask who do not have an opinion about auditing and financial statements in the following table: Non-respondents Occupation 1 2 3 Again, give each of your 'non-respondents' a number instead of using their name. If you have more than three people you ask who don't have a view on your question, make the table longer. If you don't have any non-respondents, don't include this second table in your assignment. Instead, include a sentence that explains why you do not have the table. b. you need to have five responses that you can include in your analysis. If you ask someone and their answer is "no idea" then they cannot be included in your analysis and you will need to ask other people until you get five 'usable' responses. 3. Analyse the data you have collected in the previous task to answer the question 'is there evidence of the audit expectation gap'. Statistical testing is not required because you don't have enough data for testing. Use the data you have to support your answer to the question..