The 22 investment professionals who participated in this study clearly value having access to audited data. Most would be unlikely to consider investing in an entity if the audit report indicated that the accounts were not true and fair.
However, although investors rely on the audit process to gain comfort on an entity’s reported numbers, this does not mean that they typically spend time scrutinising the auditor’s report. The generic format that governs the structure of the audit opinion means that it rarely contains unexpected nuggets of information.
Are there opportunities to enhance the value offered by the audit? The suggestions offered by the participants in this study fall into four categories: