Is Audit Quality Improving?
The Center for Audit Quality, a new industry group for accounting firms that perform public-company audits, says that audit quality has improved over the past several years, according to its recent survey of audit-committee members. More than 80 percent thought audits were better today than five years ago. The auditors themselves seem somewhat less confident, according to a CFO survey. Just over half — 54 percent — said they are more likely to detect fraud today compared with five years ago, while only 4 percent said they were less likely to find fraud.
