Our capital markets evolve with the world around us, but our profession’s commitment to maintaining audit quality remains unchanged.
Since the passage of the Sarbanes-Oxley Act (SOX) 20 years ago, audit quality has never been higher. During its 2019 inspections of annually inspected firms, the PCAOB found that 97% of audits contained an appropriate opinion. During its 2020 inspections of the six global-network firms, 100% of audits contained an appropriate opinion. PCAOB inspections are primarily risk-based, focusing on the highest risk areas. This means that thousands of audits are performed each year with flying colors.
Learn more about the foundations of audit quality with 'Value of the Audit'
Audits serve as the backbone to the capital markets. I sometimes think of the capital markets as invisible to the average American but they’re vitally important for businesses and individuals to have financial stability as well as to grow.
Explore how the profession maintains high audit quality.