Accurate and reliable financial statements are essential to the effective functioning of the capital markets. To that end, auditors play an important role by executing independent and objective audits of the financial statements that are prepared by management.
The majority of investors we spoke with expressed a desire for the audit profession to become more visible in the investment community. We believe this reflects an eagerness on the part of investors to improve their understanding of what auditors do and don’t do. We are proud of the efforts of our profession to engage with investors. There is more that can be done, however, and we are committed to doing our part to further the dialogue. We believe that through enhanced communications with stakeholders, we can obtain firsthand knowledge of the financial reporting matters that are important to them and better understand their perspectives. We can also share our perspectives on the profession’s role as we consider what financial reporting and assurance will look like in the future.