For news from the AICPA and state societies, visit www.cpa2biz.com, which also
offers online CPE, AICPA professional literature, practice
management aids and links to state society Web sites.
AUDITING
Eighty percent of investors have confidence in the
audited financial information provided by public companies, according
to a survey of investor sentiment. A national survey of 1,001
investors conducted by Glover Park Group for the Center for Audit
Quality explored opinions about the Sarbanes-Oxley Act, the strength
of the U.S. capital markets and the impact of SOX on investor
confidence.
The majority of investors (56%) said SOX was a good idea; 5% said it was a bad idea; and 30% said SOX made no difference.
Other findings included:
n 62% of those surveyed said rules mandated by SOX should be left fundamentally as they are, and two-thirds would be concerned by any easing of the rules.
n 79% said the requirement to establish independent audit committees has been effective.
n 76% said external auditors' reporting to independent board-based audit committees has had a positive impact.
n 76% said the requirement for companies to evaluate and disclose their internal controls and for external auditors to attest such disclosures has been positive. The survey and a summary of its findings are available at www.thecaq.org.