PracticeAuditConfidence in UK audits remains high

Confidence in UK audits remains high

A new survey of fund managers on both sides of the Atlantic has found greater confidence in the veracity of UK audited information, then in US data.

Link: US concerns grow over audit disclaimers

Despite scandals and bad press, research undertaken for the ICAEW found that 60% of UK fund managers and nearly three-quarters of US fund managers still had confidence in UK audited financial information.

The remainder said they had ‘some confidence’ while not a single espondent said they had ‘no confidence’ in the information.

This contrasts starkly with feelings about US audits, where just one in five UK fund managers had a great deal of confidence in them, although 60% of US fund managers were happy with US data.

In general, UK fund mangers’ attitudes to company audits remained unchanged. Surprisingly, 14% of respondents expressed greater confidence in such information.

Commenting on the results, Andrew Ratcliffe, chair of the Institute’s Audit and Assurance Faculty, said: ‘It’s reassuring to see that fund manager confidence in UK audited financial information remains high despite the shock waves generated in the aftermath of Enron and WorldCom.’

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