Investor confidence in UK auditing still high

Research published by the Institute of Chartered Accountants in England & Wales showed that 87% of UK investment fund managers expressed a 'great deal' or a 'fair amount' of confidence in audited financial information.

A majority, 56%, of investors of their American counterparts shared the same view of audited accounts in their country.

It showed that American confidence was bouncing back in the wake of Enron and other high-profile collapses.

Gerald Russell, vice-chairman of the ICAEW's Audit and Assurance faculty, said the trust shown by investors was good news for the markets.

'Dialogue between the profession and the investor community also has a key role to play in maintaining confidence in the quality of financial information available to the market.'