AUDIT QUALITY GETTING BETTERSarbanes-Oxley has led to big improvements in audit quality, according to a newly released survey. Seventy-eight percent of the 253 public company audit committee members surveyed by the Center for Audit Quality rated overall audit quality as either “very good” or “excellent.” Meanwhile, 82 percent said that it has improved somewhat or significantly in the past several years.
Approximately 87 percent said that the risk of inaccuracies in financial statements due to fraud is “not very high,” while 60 percent agreed that the risk declined after the passage of SOX in 2002. Sixty-five percent of the respondents agreed that investors should have more confidence in the markets as a result of SOX, while 58 percent said that changes resulting from SOX had a positive impact.
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