European CFO & Audit Committee Chair survey

Regulators and policymakers are currently conducting debate over the future of audit and the structure of the audit market.

Many people have views but there has been a lack of clear evidence. This independent survey was commissioned by PwC to explore attitudes to audit quality and potential reforms among two key groups: Audit Committee Chairs and Chief Financial Officers (CFOs). The survey was conducted by YouGovStone with respondents drawn from France, Germany, the Netherlands, Spain and UK.

Among the survey's key findings:

  • The vast majority of respondents are pleased with the quality of their external audit and that quality is improving.
  • A clear majority report no competition concerns when they last reviewed their audit.
  • Large majorities opposed to legislative interventions such as making joint audit compulsory and introducing mandatory rotation.
  • Respondents strongly support increased dialogue between regulators and auditors.
  • A large majority believe existing safeguards are sufficient to prevent the provision of non-audit services by a firm’s auditor.