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.
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.’