According to a recent press release, a nationwide telephone survey of 1,000 investors conducted for the Center for Audit Quality (CAQ) indicated that 79 percent of those surveyed felt changes brought about by the Sarbanes-Oxley Act bolstered their confidence in financial information presented.
The release also stated that the surveyed investors believe Sarbanes-Oxley-mandated changes regarding controls around how companies prepare their financial statements and how external public company audit firms audit those controls have had a positive effect: • 79 percent believe the requirement to establish independent audit committees has been effective. • Three-quarters (76 percent) say that external auditors reporting to an independent board-based audit committee has had a positive impact. • 76 percent say PCAOB involvement has been effective. • 76 percent believe the requirement for companies to evaluate and disclose their internal controls and for external auditors to attest such disclosures has been positive. • 74 percent say certification of financial reports by CEOs and CFOs has had a positive effect.
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