Final answer:
The divide is known as the 'expectation gap,' which echoes the concept of the 'credibility gap' from political contexts. The expectation gap can cause misunderstandings about the auditing process's role and efficacy.
Step-by-step explanation:
The divide between the profession's goals for the audit and what the public expects an audit to accomplish is called the expectation gap. This term is similar to the credibility gap, which refers to the difference between what a group of people (typically government officials) claims to be true and what is actually true. The expectation gap in auditing can lead to misunderstandings and reduced confidence in the audit process. Auditors aim to examine the financial records and practices of an entity to assess the fairness and accuracy of its financial statements. However, the public might believe that an audit guarantees that the entity is completely free of fraud or error, which is not always the case.