Consider the following statements and explain why they may be true or false:

(a) The audit expectations gap has arisen since the 1960s.

(b) The reasonableness component of the audit expectations gap arises because many people are not sufficiently educated to understand the audit process.

(c) The effect of lack of competence cannot be distinguished from the effect of lack of independence in the auditor.

(d) The existence of an audit committee composed of non-executive directors will ensure that executive management will be subject to effective independent control.