In a recent audit, you tested 20% of transactions. The uninformed public believes that auditors test 75% of transactions, but those with an understanding of the audit process expect 50% testing. Auditing standards require 20% testing. Which of the following statements is true?

a.

The expectation gap is 65%, of which 35% are deficient standards

b.

The expectation gap is 55%, of which 30% are deficient standards

c.

The gap due to deficient performance is 5%

d.

The performance gap is 40%