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The Value of Audit

Monday, March 1, 2010

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The Value of Audit is a research project commissioned by the Standards Working Group (SWG) of the Global Public Policy Committee. The study demonstrates value of the financial statements audit as perceived by financial analysts, chief financial officers (CFOs), and audit committee members. The authors conclude from a survey of financial analysts that the auditor’s work is valuable for financial analysts as it increases their confidence in and reliance on financial statements. From interviews with CFOs and audit committee members the authors conclude that the audit of the financial statements meets their key expectations and is considered to be a useful activity. Furthermore, CFOs and audit committee members value the communications with the auditor in the audit process, and find it useful to work with the auditor on financial reporting issues.