Is there a difference between what some investors and lenders see as the role of the auditor of a public company and what it actually is? Yes. A number of investors see the auditor as responsible for uncovering fraud and accounting irregularities, while the auditor would probably argue they are only attesting to the companies' financial statements being prepared according to generally accepted accounting principles.
This resulting expectation gap means that when a corporate accounting scandal gets discovered, the attention eventually focuses on the auditors? Some in the accounting profession would argue that the public must be educated to understand the limited role that an auditor plays.
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