Company Directors Say Audit Quality Improving

Lora Bentley

Eighty-two percent of audit committee member respondents to a Center for Audit Quality say that audit quality has improved in recent years, and most say changes brought about by the Sarbanes-Oxley Act of 2002 are positive ones.

According to a Center for Audit Quality statement, survey respondents listed many reasons for the improvement. Among them:

  • Increased audit committee oversight
  • Requirements regarding internal controls
  • Better communication within audit committees
  • CEO/CFO sign-off on financial statements

Ninety-nine percent of the 253 audit committee members who responded to the survey spend more time on audit committee business because of Sarbanes-Oxley, and 65 percent say "investors should have more confidence in the market" now than they did before the law was enacted.


CAQ governing board member Michele Hooper says:

.... Sarbanes-Oxley is working -- for investors, for audit committee members and for our capital markets. We should always strive to do better when it comes to safeguarding the integrity of the markets, but it's good to know that we're making progress.

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