A comparative analytical study between the revised International Auditing Standard ISA 720 for the year 2015, and its current Egyptian counterpart No. 720

Document Type : Original Article

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Accounting Department Faculty of Commerce Alexandria University Alexandria Egypt

Abstract

The auditing profession has faced in recent years a crisis regarding liability, credibility and loss of confidence in it as a result of the increasing financial and economic crises at the local and global levels in a manner that led to the question of many potential investors, shareholders and the public, who were harmed as a result of the bankruptcy and the collapse of many companies and banks, about the reason not to warn my auditors Accounts regarding the economic status of these companies (El-Meligy, 2007).
It can be said that these broad criticisms and the subsequent movement of lawsuits against accounting and auditing facilities express the difference between the beliefs and perceptions of users of financial statements of auditors' duties and responsibilities, and between the auditor's belief and awareness of those responsibilities, which led to the emergence of the term Expectation Gap in External review (on, 2009, 2010, 2011).

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