Question 1 The purpose of the Auditing and Assurance Standards Board is: a. to promote high-quality audits. b. to set the educational requirements for the Chartered Professional Accountant designation. c. to regulate capital markets. d. to set high-quality auditing and assurance standards. Artswr Question 2 The audit expectation gap occurs when: a the public is well educated about auditing. b auditors perform their duties appropriately and satisfy users'demands. c. user beliefs do not align with what an auditor has actually done. d. peer reviews of audits ensure that auditing standards have been applied correctly and the standards are at the level that satisfies users' demands. Answer: Question 3 The expectation gap is caused by unrealistic user expectations such as the auditor providing a moderate level of assurance. a. True b. False