This report discusses findings from a member survey to assess factors influencing investor perceptions of an audit's value, factors investors apply when assessing audit quality, and what investors see as audit regulator and standard-setter priorities
In the last few years, CFA Institute has conducted surveys (2012, 2011, and 2010) on audit issues with a predominant focus on eliciting investor perspectives to motivate the enhancement of the antiquated, exclusive pass/fail auditor reporting model. The current survey had a broader focus and sought to assess factors that influence investor perceptions of the value of audit, factors investors apply when assessing audit quality, and what investors see as audit regulator and standard-setter priorities.
The survey was primarily targeted at buy-side portfolio managers and research analysts, sell-side analysts, credit analysts, and corporate financial analysts. The survey had 284 initial respondents. Response rates to the detailed questions ranged from 186 to 211. The Appendix provides additional survey details.