Mind the Insolvency Gap: Lessons to Be Learned from Audit Expectations Gap Theory

Anderson, Colin & Brown, Catherine (2014) Mind the insolvency gap : lessons to be learned from audit expectations gap theory. Insolvency Law Journal, 22(4), pp. 178-191.

14 Pages Posted: 8 Dec 2015 Last revised: 18 Feb 2016

See all articles by Catherine Brown

Catherine Brown

Griffith University

Colin J. Anderson

Queensland University of Technology - Faculty of Law

Date Written: December 3, 2014

Abstract

There is a general perception that public confidence in the insolvency profession is low as the result of the recent unethical practices of a few high profile liquidators. As a result, the effectiveness of the current regulatory mechanisms has been questioned, leading to a review of the performance of insolvency practitioners and subsequent regulation proposals. The challenge for the insolvency profession is balancing the expectations of the general public whilst ensuring that the obligations and duties imposed upon them are performed to acceptable and realistic standards. It is difficult (if not impossible) for the profession to meet this challenge in the absence of a cohesive framework which identifies those issues that require further regulation as opposed to those that relate to general education on the insolvency process. This paper will examine the audit expectations gap theory in the context of insolvency practitioners and suggests that a model based on this theory provides an effective framework for evaluating the regulation of the insolvency industry.

Keywords: Insolvency, regulation, insolvency profession, expectation gap

Suggested Citation

Brown, Catherine and Anderson, Colin J., Mind the Insolvency Gap: Lessons to Be Learned from Audit Expectations Gap Theory (December 3, 2014). Anderson, Colin & Brown, Catherine (2014) Mind the insolvency gap : lessons to be learned from audit expectations gap theory. Insolvency Law Journal, 22(4), pp. 178-191.. Available at SSRN: https://ssrn.com/abstract=2563346

Catherine Brown (Contact Author)

Griffith University ( email )

170 Kessels Road
Nathan, Queensland QLD 4111
Australia

Colin J. Anderson

Queensland University of Technology - Faculty of Law ( email )

Level 4, C Block Gardens Point
2 George St
Brisbane, QLD 4000
Australia
+61 7 3138 1099 (Phone)
+61 7 3138 2121 (Fax)

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